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Summary
The gross negligence standard for customer conduct is key in determining liability for disputed bank payments, impacting banks, customers, and the economy. Regulators should reconsider the current approach to authorised push payment fraud.
Area of Science:
- Financial Law
- Economic Policy
- Consumer Protection
Background:
- Disputed bank payments have significant economic implications.
- Current legal frameworks struggle with allocating responsibility for payment frauds.
- Authorised push payment (APP) fraud is a growing concern.
Purpose of the Study:
- To examine loss allocation for disputed bank payments under common law, EU-UK regulation, and the UK's APP fraud scheme.
- To analyze the 'gross negligence' standard of customer conduct.
- To evaluate the practical application of this standard and its connection to regulatory contexts.
Main Methods:
- Analysis of common law principles.
- Review of EU-UK regulations.
- Examination of the UK's APP fraud scheme.
- Case study analysis of Financial Ombudsman Service decisions.
Main Results:
- The gross negligence standard for customer conduct is a common feature across legal and regulatory frameworks.
- This standard significantly limits a bank's liability to refund payments.
- The interpretation and application of 'gross negligence' vary, creating uncertainty.
Conclusions:
- The current legal and regulatory landscape for APP fraud requires reassessment.
- A clearer and more consistent approach to customer conduct standards is needed.
- Rethinking the status quo is essential for effective consumer protection and financial stability.
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