- 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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“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.
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