Laura Suter, head of personal finance at AJ Bell, comments on the Government’s plan to force banks to reimburse fraud victims:

“The Government clearly doesn’t think the banking industry’s voluntary system for reimbursing fraud victims is doing enough, as it has announced plans to let the regulator force banks to compensate those scammed. It has branded the current scheme ‘inconsistent’ with ‘disparities’ between how banks hand out compensation and points out that it has left many victims suffering losses."