On 26 June 2018, the FCA published Consultation Paper 18/16: Authorised push payment fraud – extending the jurisdiction of the Financial Ombudsman Service (CP18/16).
In CP18/16 the FCA sets out proposed changes to its complaints handling rules to reduce the harm experienced by victims of Authorised Push Payment (APP) fraud. In particular, the FCA proposes to require payment service providers to handle complaints about alleged fraud relating to funds they have received as a result of APPs in line with the Dispute Resolution sourcebook. The FCA also proposes to allow eligible complainants to refer these complaints to the Financial Ombudsman Service (FOS). The FOS proposes to mirror the FCA’s proposed changes to the compulsory jurisdiction in the voluntary jurisdiction which they oversee. The deadline for responding to CP18/16 is 26 September 2018.