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Watchdog Toughens Complaint Process For Payment Fraud

Law360, London (December 14, 2018, 11:04 PM GMT) -- Victims of "push-payment" fraud will be able to complain to the payment services provider that received their money under new rules published by the Financial Conduct Authority on Friday.

Christopher Woolard, executive director of strategy and competition at the FCA, said the regulator takes push-payment fraud and the harm it causes to consumers seriously.

“Now victims of authorized push-payment fraud can make a complaint to the PSP receiving their payment and, if they’re not satisfied with the outcome, can refer their complaint to the Financial Ombudsman Service,” Woolard said.

The payment services provider is typically a bank that holds the accounts...

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