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    BARC   GB0031348658

BARCLAYS PLC

(BARC)
  Report
Delayed London Stock Exchange  -  11:35 2022-12-02 am EST
156.82 GBX   -0.92%
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UK banks told to reimburse customers tricked by scams

09/28/2022 | 07:09pm EST
FILE PHOTO: Illustration shows pound banknotes

LONDON (Reuters) - Banks will have to reimburse customers tricked into sending money in a type of online scam that has become Britain's largest type of payment fraud, the Payment Systems Regulator proposed on Thursday.

The PSR proposed that banks must reimburse payments over 100 pounds ($107.39) in "authorised push payment" (APP) scams.

The maximum claim would be a million pounds per payment, though many banks have lower limits. The time limit on claims would be no less than 13 months.

"Consumers still need to take caution when sending payments, but these proposed measures will have the added protection that most of their larger payments will be automatically protected," the PSR said in a statement.

The bank from which the money was sent and the bank of the fraudster would split the reimbursement bill, the PSR said. Processing costs and fees charged to customers cannot exceed 35 pounds.

Bank customers lost 583 million pounds in APP scams in 2021, up by 39% on 2020, the PSR said.

It plans to introduce the new rule after parliament expands the powers of the PSR, expected sometime in the first half of 2023.

Some of the banks that would be affected by the new rule include HSBC, Natwest Group, Lloyds, Barclays, Banco Santander and Virgin Money.

PSR also plans to publish data on how the top 25 banks are reimbursing customers and their levels of fraud.

Currently 46% of customers get reimbursed for APP scams, largely footed by the sending bank, and the PSR expects this to rise to over 95% under its new rule.

Several banks have already agreed to check names of the person being paid by a money transfer between banks, and the PSR wants to roll this out more widely.

($1 = 0.9312 pounds)

(Reporting by Huw Jones; Editing by Lisa Shumaker)

By Huw Jones


ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
BANCO SANTANDER, S.A. -0.14% 2.8125 Delayed Quote.-4.35%
BARCLAYS PLC -0.92% 156.82 Delayed Quote.-16.14%
LLOYDS BANKING GROUP PLC 1.14% 46.65 Delayed Quote.-2.41%
NATWEST GROUP PLC 1.75% 261.9 Delayed Quote.7.75%
VIRGIN MONEY UK PLC 3.53% 177.65 Delayed Quote.-0.08%
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Analyst Recommendations on BARCLAYS PLC
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Financials
Sales 2022 25 117 M 30 766 M 30 766 M
Net income 2022 4 992 M 6 115 M 6 115 M
Net Debt 2022 - - -
P/E ratio 2022 5,31x
Yield 2022 4,58%
Capitalization 24 876 M 30 471 M 30 471 M
Capi. / Sales 2022 0,99x
Capi. / Sales 2023 0,95x
Nbr of Employees 81 600
Free-Float 99,7%
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Technical analysis trends BARCLAYS PLC
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TrendsBullishNeutralBearish
Income Statement Evolution
Consensus
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Mean consensus OUTPERFORM
Number of Analysts 22
Last Close Price 156,82 GBX
Average target price 231,74 GBX
Spread / Average Target 47,8%
EPS Revisions
Managers and Directors
C. S. Venkatakrishnan Group Chief Executive Officer & Director
Angela Anna Cross Group Finance Director & Executive Director
Nigel Paul Higgins Group Chairman
Mark Ashton Rigby Group Chief Operating Officer
Laura Padovani Global Head-Compliance Services
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