SEVERAL banks and building societies are yet to sign up to a new code designed to protect people from payment scams, Which? has revealed.
Research from the consumer group found, as of the start of July, 12 out of 27 UK banks and building societies had not yet signed up to new voluntary standards.
The code, which came into force in May, aims to make it easier for victims of authorised push payment (APP) fraud to get money back.
UK Finance said payment service providers representing more than 85% of authorised push payments have already signed up.
The Which? report says, as of July 1, nine providers – Bank of Ireland, Citibank, Clydesdale Bank, Monzo, Post Office Money, Tesco Bank, Co-op Bank, Virgin Money, and Yorkshire Bank – said they were working to become a signatory.
