Regulatory AlertsPS18/22: Authorised push payment fraud – extending the jurisdiction of the Financial Ombudsman Service
The Financial Conduct Authority issued Policy Statement PS18/22 to extend the jurisdiction of the Financial Ombudsman Service to cover authorised push payment fraud. This change requires banks and building societies to compensate customers who lose money due to scams where they were tricked into making payments. The regulation aims to enhance consumer protection by holding financial institutions accountable for failing to prevent such fraudulent transactions.
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