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Firms should strengthen their anti-fraud systems, says FCA
Firms can do more to strengthen their systems designed to detect and prevent, according to the Financial Conduct Authority (FCA).
Senior Journalist, covering the Credit Strategy and Turnaround, Restructuring & Insolvency News brands.
Senior Journalist, covering the Credit Strategy and Turnaround, Restructuring & Insolvency News brands.
It follows its review of firms’ fraud controls and complaint handling – which found there’s not enough focus on delivering good consumer outcomes in many firms, adding that some could do more to improve the support they offer to victims of fraud.
Additionally, it found evidence of poor complaint handling, with customers provided with decision letters that were sometimes unclear, confusing, or included unhelpful and – on occasion – accusatory language.
Firms are also not fully considering the characteristics of customer vulnerability when making decisions about fraud claims and complaints.
It comes as, in the first six months of this year, UK Finance found more than 116,000 people reported falling victim to APP fraud.
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