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- 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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News and analysis for the well-informed compliance or audit exec.
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Our lowest price ($1 per day) for one year.
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2024-04-03T04:34:00Z By Kyle Brasseur
“If you want to start to know who’s lying to you, all you got to do is pay attention differently,” advised body language expert Traci Brown during her opening keynote at Compliance Week’s 2024 National Conference.
2024-02-28T13:17:00Z By Ruth Prickett
Financial firms continue to flout rules designed to protect investors from being misled about the true value of financial products, according to a recent bulletin from the U.K.’s Financial Conduct Authority.
2024-02-13T19:17:00Z By Jeff Dale
The U.K. Financial Conduct Authority issued a fine of £31,800 (U.S. $40,000) against a former compliance director at London Capital & Finance for allegedly approving misleading promotions that led to investor deception.
2024-07-24T17:54:00Z By Neil Hodge
A lack of risk visibility is causing companies to reject customers–and potentially lose money–over fears they might be in danger of violating rules around anti-money laundering and sanctions regulations.
2024-07-15T16:45:00Z By Jeff Dale
The Treasury Department’s Financial Crimes Enforcement Network updated an alert first issued in February warning financial institutions of Israeli extremists fomenting violence in the West Bank.
2024-06-28T19:30:00Z By Jeff Dale
A Bank of England report warned of private equity risk management deficiencies as interest rates remain stagnant, with international coordination important.
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