FCA consults on push payment fraud complaints

FCA is consulting on changes to complaints handling rules to help victims of authorised push payment fraud.

Currently, victims cannot complain to the PSP that receives their payment when their own PSP is not at fault. FCA now proposes rule changes to require firms to handle this type of complaint, and also to allow eligible complainants to refer complaints to FOS if they receive no response from the receiving PSP or are unhappy with its response.

Later this year, FCA also plans to consult on introducing a requirement for PSPs to report data on complaints they receive about alleged APP frauds.

Consultation closes on 26 September.