- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Kyle Brasseur2023-11-08T14:38:00
Payment service providers could do more to support victims of fraud, including through better communication procedures, a review by the U.K. Financial Conduct Authority (FCA) found.
The FCA said while its review of firms’ fraud controls and complaint handling found examples of good practice, “[W]e were also disappointed with the way some firms supported customers who were the victims of fraud.”
The regulator, in a press release Tuesday, listed “poor complaint handling, including firms often taking too long to respond,” among issue areas observed. “Customers were provided with decision letters that were sometimes unclear; confusing; or included unhelpful and, on occasion, accusatory language,” the FCA said.
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