Payments and e-money firms in the UK will need to begin complying with the Financial Conduct Authority’s (FCA) new Consumer Duty regulation, with experts suggesting that it will bring new challenges.
In this piece from Vixio Regulatory Intelligence, Tony from the Armalytix team discussions the implications and forthcoming issues facing firms.
The launch comes on the back of a government plan for a new offence called the “failure to prevent fraud” (FTPF), included in a recent amendment to the Economic Crime and Corporate Transparency Bill. These tools will allow firms to navigate the increased risk of not identifying problem customers, ultimately enabling them to protect their reputation and avoid fines.
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We sometimes get asked questions like, “Why am I being asked to do a Source of Funds? I’m only giving my granddaughter £2,000 to help her buy a house!” and “Why do we need technology for this, can’t I just give you a bank statement?”. We thought an airport-based analogy might help to explain.
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