In this edition we discuss a follow-up report from the Financial Conduct Authority (FCA) on its review of the UK Payment Accounts Access and Closures. This issue also covers recent updates from the regulators on Authorised Push Payment fraud.
On 4 September 2024, the Financial Conduct Authority (FCA) published a report detailing the outcomes of its subsequent examination into the accessibility and closure of UK payment accounts. This report follows an initial review from September 2023, which explored access issues for both individuals and businesses. The recent findings highlight further themes and, in the paper, the FCA also sets out its proposed next steps to address the harms identified in relation to account access.
Read here to know more about the FCA's latest findings and next steps
This edition contains an update on recent developments in the space of Authorised Push Payment (APP) fraud. These include recent papers from the Payment Systems Regulator (PSR) on its decision to reduce the maximum reimbursement level that it had originally set for APP fraud and its final policy on CHAPS APP scam reimbursement requirement. We also cover the FCA's proposals to update its 'Payment Services and Electronic Money – Our Approach' document to set out guidance for Payment Service Providers (PSPs) to address suspicious inbound payments to reduce the impact of APP fraud while continuing to process payments quickly and efficiently.
Read more about these changes here
For information on our upcoming training events including our Regulatory Essentials programme, please visit our Financial Regulation page on our website.
If you want to find out what these updates mean for your business, or discuss training opportunities or systems and controls changes, please feel free to get in touch with our Payments Team who would be delighted to speak to you.
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