The Payment Systems Regulator (PSR) has published its response to the Which? super-complaint regarding consumer safeguards in the market for push payments.
The super-complaint was submitted to the PSR as it is the regulator for the payment systems used in push payment fraud. Which? also sent the super-complaint to the Financial Conduct Authority (FCA), which has provided advice and assistance to the PSR on its response.
Christopher Woolard, Executive Director of Strategy and Competition, said:
‘Financial crime is a priority for the FCA and we will work to eliminate fraud by whatever means.’
The super-complaint has highlighted areas that require further consideration and the FCA will take forward the following actions:
- work with firms to tackle concerns around both sending and receiving banks in relation to authorised push payment fraud
- evidence received in relation to the super-complaint will be examined by FCA supervision, which will address any firm-specific issues directly
- if, following the above steps, there are unresolved sector-wide issues, the FCA will initiate further work. Any such work should consider the developments made since the thematic review of banks’ defences against investment fraud (PDF) in 2012
This work is in addition to that set out in the financial crime and anti-money laundering theme in our 2016/17 Business Plan.