Response to Payment Systems Regulator progress report

In response to the Payment Systems Regulator (PSR)'s progress report on work to tackle payment scams and consultation launch, Caroline Abrahams, Charity Director at Age UK, said:

'This is a very welcome report from the regulator which represents progress in tackling this devastating crime.

'The impact of these scams should not be underestimated. Many older people lose life-changing sums of money which can devastate not only their financial situation but also their health and wellbeing.

'We particularly welcome the consultation on a new system of reimbursement for victims which we hope will ultimately deliver meaningful protection for consumers caught out by such sophisticated scams.

'It's increasingly clear that banks cannot be complacent. They must act quickly to trace and return money transferred in a scam, but also work hard to find new ways to prevent scams from happening in the first place.'

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Notes to editors

Age UK publishes a free Avoiding Scams guide which is available by calling its advice line on freephone 0800 169 65 65 or by visiting www.ageuk.org.uk/publications.

PRS progress report

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Age UK

We work with our national partners, Age Scotland, Age Cymru and Age NI and our local Age UK partners in England (together the Age UK Family). We also work internationally for people in later life as a member of the DEC and with our sister charity Help Age International.

Age UK believes that everyone should have the opportunity to make the most of later life, whatever their circumstances. We provide free information, advice and support to over six million people; commercial products and services to over one million customers; and research and campaign on the issues that matter to people in later life. Our work focuses on five key areas: money matters, health and well-being, home and care, work and training and leisure and lifestyle.

Age UK is a charitable company limited by guarantee and registered in England (registered charity number 1128267 and company number 6825798). Age Concern England and Help the Aged (both registered charities), and their trading and other associated companies merged on the 1st April 2009. Together they have formed the Age UK Group ("we"). Charitable services are offered through Age UK and commercial products are offered by the Charity's trading companies, which donate their net profits to Age UK (the Charity).