The FCA has published Thematic Review 14/15 – Mobile banking and payments (TR14/15).
In TR14/15 the FCA summarises the findings of its thematic review into mobile banking and payments and follows up on its interim report published in August 2013.
The FCA’s high level findings set out in the report identifies the following areas which are relevant to whether firms are delivering good outcomes for their consumers:
- how easy it is for consumers to understand their legal rights and obligations when using mobile banking products and services, and what firms are doing to aid consumer education;
- how firms ensure that the knowledge and understanding of key decision makers in the business is in line with the pace of innovation;
- how firms ensure consumers’ sensitive personal data and funds are secure, and technology is sufficiently robust to cope with changes in consumer behaviour when making payments;
- how firms providing mobile banking products and services retain oversight of third parties and outsourced functions involved in the delivery of their product offering to consumers; and
- how new entrants to the mobile payments arena ensure they have adequate knowledge and understanding of the regulatory framework surrounding payments.
Other topics highlighted in the interim report, such as fraud against firms and anti-money laundering, have not been prioritised in TR14/15.
View TR14/15 – Mobile banking and payments, 11 September 2014