Firms face tougher fraud liabilities

Legislation passed in 2023 has put in motion key initiatives for fighting financial crime, which will significantly shift institutions' accountability moving forwards. Emma Radmore recaps new APP fraud reimbursement rules and the 'failure to prevent fraud' offence.

Emma Radmore(legal director) is a member of Womble Bond Dickinson's Financial Services team in London. Contact her onemma.radmore@wbd-uk.com.

Financial crime never stands still. Lawmakers and regulators face a constant battle to protect its victims. Where possible, prevention is of course better than cure. But, where crime has caused loss, it's important to take steps to reimburse those who have suffered.