Jessica joined RWA in 2018, having graduated with a First Class Honours degree in Film Studies. Her role as a content designer involves developing new and engaging e-learning modules as well as assisting in the creation of articles for Insight.
The FCA has issued a press release and a report following a review of certain firms’ fraud controls and complaint handling. Although the report found examples of good practice, the FCA was disappointed with the way some firms supported customers who were the victims of fraud. The review, and report, focus on Authorised Push Payment (APP) fraud, but several of the findings and FCA’s comments can be applied to any firm in relation to financial crime controls.
Over 116,000 people reported falling victim to APP fraud in the first six months of 2023 according to the UK Finance Half Year Fraud Update. This was exacerbated by more people struggling with the increased cost of living, leaving them exposed to more potential vulnerabilities.
Other key findings from the review concluded that:
The FCA is already working with firms to strengthen their approach to tackling fraud. The regulator expects all payment service providers to use the findings from the report to inform what more they can do to detect, manage, and reduce fraud and losses more effectively.
Customer treatment must also be improved, including how complaints are handled, to deliver consistently good consumer outcomes in line with the Consumer Duty.
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