COVID-19

As a result of the Covid-19 pandemic Chambers’ building is closed and clerks and barristers are working remotely.

We are committed to ensuring that work is completed as efficiently as possible in these difficult times and ask our clients to contact us electronically in the first instance by emailing gsc@goughsq.co.uk or the relevant barrister directly.

For more information and telephone contact details click below.

Authorised Push Payment Scams Consultation

The FCA has published a consultation paper (CP17/2) on authorised push payment (“APP”) scams, where people are tricked into authorising the transfer of funds to a fraudster, i.e. they are mistaken as to the identity of the payee. APP scams are the second biggest type of payment fraud in the UK, after card fraud. CP17/2 follows the submission of a super-complaint to the FCA by Which? in September 2016.

The FCA is inviting views on whether a contingent reimbursement model should be introduced and, if so, how this should be achieved. The FCA’s preliminary view is that such a model should be introduced by the end of September 2018. The FCA’s proposal is that payment services providers (“PSPs”) reimburse victims where the PSPs have not met the required standards, provided that the victims have taken due care when making the payment. Depending on the circumstances, the PSP responsible for the reimbursement could be the victim’s PSP and/or the recipient PSP. The required standards would comprise general measures and processes that help prevent and respond to scams.

The FCA is also monitoring industry initiatives designed to prevent the scams from occurring in the first instance. These initiatives include data sharing and analysis, and introducing a confirmation of payee.

Read the full consultation paper here.