Virgin Money, the UK’s sixth largest bank, is the latest firm to become fully registered to the Contingent Reimbursement Model Code (the CRM Code) – a voluntary standard overseen by the primary self-regulatory body of the financial services industry, the Lending Standards Board (LSB).
The CRM Code sets out protections to prevent, detect and mitigate Authorised Push Payment (APP) scams. It also stipulates that firms should reimburse customers who are not to blame. Virgin Money’s registration signals its commitment to protecting customers from scams.