Regulatory Alerts2018-06-25
Added · Updated
PS18/22: Authorised push payment fraud – extending the jurisdiction of the Financial Ombudsman Service
The Financial Conduct Authority issued Policy Statement 18/22 to extend the jurisdiction of the Financial Ombudsman Service to cover authorised push payment fraud. This regulatory change requires payment service providers to adhere to new standards for handling customer losses resulting from fraudulent transfers. The policy establishes a framework for dispute resolution and compensation for victims of such fraud within the UK financial services sector.