On 7 November 2023, the FCA published the findings from its multi-firm review on anti-fraud controls and complaint handling in firms, with a focus on authorised push payment (APP) fraud.

The multi-firm review highlighted the following key findings:

  • Firms can do more to strengthen their systems designed to detect and prevent fraud.
  • There is not enough focus on delivering good consumer outcomes in many firms.
  • Some firms could do more to improve the support they offer to victims of fraud.
  • Poor complaint handling, including firms often taking too long to respond. Customers were provided with decision letters that were sometimes unclear, confusing or included unhelpful and, on occasion, accusatory language.
  • Firms are not fully considering characteristics of customer vulnerability when making decisions about fraud claims and complaints.

The FCA is already working with firms in its review to strengthen their approach. The FCA expects all payment service providers to use the findings to inform what more they can do to detect, manage and reduce fraud and losses more effectively. It noted that customer treatment must also be improved, including how complaints are handled, to deliver consistently good consumer outcomes in line with the Consumer Duty.