Baroness Liddell of Coatdyke – 2016 Parliamentary Question to the HM Treasury

The below Parliamentary question was asked by Baroness Liddell of Coatdyke on 2016-05-25.

To ask Her Majesty’s Government what discussions they have had with UK banks about proposals to remove protection from customers whose accounts have been fraudulently accessed.

Lord O’Neill of Gatley

The government takes the resilience of the financial sector, and the protection of bank customers, very seriously. Making sure that everyone has access to basic banking and financial services is at the heart of the government’s long term economic plan. The government is working with the banking industry, the retail sector, and law enforcement agencies to put in place the right steps to tackle online fraud against the public.

As the Chancellor announced in November, the government is creating a new National Cyber Security Centre, which will open in October. Its recently launched prospectus outlines the Centre’s proposed vision, goals and work. In February, the Home Secretary launched the Joint Fraud Taskforce, which aims to use the collective powers, systems and resources of banks, payment providers, police, wider law enforcement and regulators to tackle fraud, and raise awareness of the risk of fraud among consumers. Further details on both can be found on the GOV.UK website.