“Firms are making good progress,” says FCA
By Tom BelgerResearch from the Financial Conduct Authority has found firms were making good efforts to deliver fair outcomes for customers whilst handling unauthorised transactions…
Research from the Financial Conduct Authority has found firms were making good efforts to deliver fair outcomes for customers whilst handling unauthorised transactions.
A thematic review by the FCA found firms tended to err on the side of the customer and handled complex claims on a case-by-case basis.
Linda Woodall, acting Director of Supervision for Retail and Authorisation at the FCA, said it was encouraging that firms were making good progress on the issue.
“Consumers have a right to feel confident that if someone takes money from their account without their permission they will get it back,” said Linda.
“Our consumer research showed just how distressing unauthorised transactions can be and we are pleased that firms recognise this.”
The FCA found firms were using good practices including active monitoring of decisions to ensure they were fair particularly where refunds are declined.
The regulator also noted that firms were proactively providing information to customers on how to avoid becoming a victim of fraud.
The findings led the FCA to conclude that no further thematic work was required but firms should consider the findings and take action where needed.
Keywords: FCA, Research, Fraud, Outcomes, Linda Woodall, Money, Lender, Brokers
Source: Bridging & Commercial — https://bridgingandcommercial.co.uk/firms-are-making-good-progress-says-fca