Recommendation 25

However, the pace of change has been very slow against a background of growing fraud, which should have prompted greater urgency. The super-complaint was made in 2016, and the previous Treasury Committee called for the Contingent Reimbursement Model Code to be made mandatory in 2019. Since then, nearly three years have passed, during which time authorised push payment fraud has increased, causing significant harm. The Payment Systems Regulator’s ‘Call for views’ was published in February 2021 and, although there is now a clear intention to make reimbursement mandatory, another year has been lost.