Mandatory Code for Scams Promising But More Regulation Needed

The mandatory Code for Scams consultation paper announced by the Federal Treasury today sets out some proposals to tackle the scams crisis, however the final regulation must land on clearer stipulated standards and consumers’ rights to reimbursement of scams losses from banks if standards are not met.
“Mandatory and enforceable codes are a step forward, but consumers must be able to seek reimbursement easily, and there needs to be clarity on the high standard expected of banks and their liability,”
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