The answer is £485.2m

It’s a staggering amount, so we’re thrilled that new laws announced in June – the first of their kind worldwide – will give UK consumers better protection.

With the UK still in the grip of a fraud epidemic, new rules for victims getting their money back should end the current reimbursement lottery and lead to fairer and more consistent outcomes.

The measures form part of the Financial Services and Markets Act and received Royal Assent on 29 June.

Here, we explain what the legislation means for scam victims if they’re tricked into transferring money to a fraudster.

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