I honestly dont know much much longer the banks can continue to refund people for fraud. The scale of it is enormous - £600m last year (which is likely to be the floor of it as I imagine it doesn't all get reported correctly).

If it continues growing (~40% y/y) at this kind of rate then it will soon outstrip any profits from retail banking (which is pretty low margin as it is compared to banks investment and commercial arms).

I wouldn't be surprised if we see UK banks exiting retail banking because of this.