New Laws Loom As UK Banks Defeated Over Transaction Levy Plan

The UK’s top payment system operator has rejected banks’ proposals for a 2.9p transaction levy on fund transfers to fund payouts for consumer fraud losses, claiming there is insufficient wider support for the reforms.

A consortium of UK banks had previously put forward a formal proposal that would see the charge imposed on nearly all Faster Payments Scheme transactions, to create a pot for victims of authorised push payment (APP) scams where no party is deemed to be at fault.

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