Why is the UK slashing the maximum banks must refund to fraud victims?

Why is the UK slashing the maximum banks must refund to fraud victims?

Consumer groups hit out at regulator’s ‘outrageous’ decision to cut limit from £415,000 to £85,000

Consumer groups have attacked a regulator’s decision to slash the planned maximum amount that banks will have to refund to UK fraud victims from £415,000 to £85,000. One said it meant some people were likely to have their lives “destroyed”.

The Payment Systems Regulator (PSR) confirmed on Wednesday reports from the previous evening that it was launching a consultation to reduce the threshold, which is due to come in on 7 October, despite having previously said that a maximum of £85,000 was “too low” as it would “exclude a significant number of victims”.

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