British Banks Plan Transfer Fee To Fund Fraud Victim Pot

Law360, London (August 28, 2019, 6:19 PM BST) -- The U.K.'s biggest banks have put forward plans to fund a new compensation pot for victims of so-called authorized push payment scams that would add a transaction fee to transfers worth £30 ($36.70) or more.  

The proposal has been drawn up by payment services provider Pay.UK on behalf of lobby group UK Finance and would see banks pay a 2.9 pence levy on transactions of at least £30. Pay.UK would collect the levy, which would be stored in a centralized fund and used to compensate victims of "no blame" authorized push payment fraud, according to documents published Tuesday.

Pay.UK has asked banks...

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