New Banking Regulations coming in October 2024
Released On 18th Oct 2024
The Payment Services (Amendment) Regulations 2024 gives banks the extra three days to give them more time to investigate whether a payment is fraudulent or not.
Banks still need reasonable grounds to suspect fraud before being able to investigate, but have always operated at odds with customers who want their payments as fast as possible.
This means that anyone planning on moving large amounts of money (such as for a house purchase) needs to allow 4 days to ensure their funds end up in the right place, or perhaps ring up the bank beforehand to alert them to a prospective large transaction, although that may still not always work.
Banks will need to inform customers when a payment is being delayed, explain what the customer needs to do in order to unblock the payment and will pay compensation if the delay lands the customer with extra charges. Whether that compensation might cover a lost house purchase is yet to be tested.
If you have any concerns about this, please do get in touch with the experts at Battens Solicitors who will be happy to advise.