Payments Firms Keep Fighting Fraud Refunds as New U.K. Rules Loom

The U.K. payments industry is still fighting for changes to fraud-reimbursement rules with just a month to go before they’re enacted, even after a significant U-turn by regulators this week, Bloomberg News reported. In an 11th-hour push, the Payments Association wrote to City Minister Tulip Siddiq on Friday, calling for the maximum reimbursement for victims of authorized-push-payment fraud to be cut to £30,000 ($39,000) — a “more appropriate” amount that would still cover 95% of fraud cases, the group said.
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U.K. Lays Out New Insolvency Rules As Thames Water Fears Mount

The UK is making further tweaks to water company insolvency laws as fears grow that debt-laden Thames Water will run out of money next year, Bloomberg News reported. The government is updating the special administration regime for water monopolies in England and Wales and is cracking down on executives heading up companies that leak sewage into rivers and the sea in a new bill introduced to parliament on Thursday.
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U.K. Retail Sales Climbed in August on Warmer Weather

U.K. retail sales ticked up in August after better weather boosted food sales, according to a report by KPMG and the British Retail Consortium, the Wall Street Journal reported. Total retail sales for the four weeks to Aug. 24 increased 1% on year, compared with 0.5% growth the prior month and a three-month average growth of 0.4%, the report said. Growth was once again driven mainly by food purchases. In the three months to Aug. 24, food sales increased 2.9% compared with the year-prior period. Nonfood sales over the same period decreased 1.7%.
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