FCA Dear CEO letter: APP fraud reimbursement

FCADear CEOFraud
Written By Richard Wegrzyn

On 7th October the FCA released a Dear CEO letter outlining its expectations on Authorised Push Payments (APP) Fraud reimbursement. Whilst the detail within the letter is light for a gap analysis, where appropriate, we have supplemented the observations with examples and additional details using previously released FCA guidance. The below publications have been used within this gap analysis:

  • FCA: Anti-fraud controls and complaint handling in firms (with a focus on APP Fraud)

  • FCA: Proceeds of fraud - Detecting and preventing money mules

  • FCA: Policy statement Fighting authorised push payment scams: final decision December 2023

  • FCA: FG22/5 Final non-Handbook Guidance for firms on the Consumer Duty

Avyse Partners are an official content partner of the International Compliance Association. The ICA is the leading professional body for the global regulatory and financial crime compliance community.  ICA Members can gain access to Member-only content developed in partnership with Avyse that shares insights and best practice to help you meet the challenges of today and tomorrow.  Not yet an ICA Member? Join here

Richard Wegrzyn https://www.avyse.co.uk
Previous

FCA fine Metro Bank £16m for transaction monitoring failings
Next

Volkswagen Finance fined £5.4m for treatment of customers in financial difficulty and vulnerable customers