Updated statement on Which? super-complaint on push payments

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

This work is in addition to that set out in the financial crime and anti-money laundering theme in our 2016/17 Business Plan.