Payback Without the Pain

Fraud in the British payments industry has been sharply on the rise for some years, and a few months ago the regulator issued the standard British boast of world-beating combat, with banks being obliged to reimburse victims up to £415,000. There followed the standard squeals of outrage from the sector whose right to have all its errors paid for by someone else has hitherto gone entirely unquestioned by anyone whose moderation could be considered remotely sensible; and the unauthorised consumer protection now appears likely to undergo the standard British solution of being scaled back by the cost of a few weeks' executive luncheons. Doubtless the fraud levels will take care of themselves, especially as market standards are enhanced by the sudden presence of so many erstwhile Conservative parliamentary expenses claimants.