Jacobs Media Group is honoured to be the recipient of the 2020 Queen's Award for Enterprise.

Business group attacks banks over chip-and-PIN

05 January 2005 by
Business group attacks banks over chip-and-PIN

The Forum of Private Business (FPB) has laid into Britain's banks for rushing the introduction of chip-and-PIN credit and debit cards.

"The looming crisis threatening to swamp the introduction of chip-and-PIN technology is entirely the fault of the banks which have aggressively driven the scheme before retailers and consumers are ready," the business group said.

Its call came after a Caterer and British Hospitality Association survey found a quarter of hospitality businesses had not installed the technology in time for the 1 January deadline.

Businesses without chip-and-PIN technology are now liable to cover the costs of fraud.

The FPB's chief executive Nick Goulding accused the banks of greed, complacency and incompetence.

"The FPB has been deeply concerned for some time that chip-and-PIN is being crowbarred in by the banks, which are desperate to transfer liability for fraud,' he said.

Goulding added: "The situation is utter chaos and the blame lies entirely with the banks and their abject failure to adequately plan and prepare for this enormous transition."

Buy this week's Caterer magazine for more industry news and analysis

The Caterer Breakfast Briefing Email

Start the working day with The Caterer’s free breakfast briefing email

Sign Up and manage your preferences below

Check mark icon
Thank you

You have successfully signed up for the Caterer Breakfast Briefing Email and will hear from us soon!

Jacobs Media Group is honoured to be the recipient of the 2020 Queen's Award for Enterprise.

The highest official awards for UK businesses since being established by royal warrant in 1965. Read more.

close

Ad Blocker detected

We have noticed you are using an adblocker and – although we support freedom of choice – we would like to ask you to enable ads on our site. They are an important revenue source which supports free access of our website's content, especially during the COVID-19 crisis.

trade tracker pixel tracking