TSC has published a letter from Nikhil Rathi concerning FCA’s work with regard to bank branch closures.

The Treasury Sub-Committee on Financial Services has raised concerns about types of fraud which are not covered by PSR proposals and has written to BoE, FCA, FOS and PSR on various issues.  FCA is questioned as to whether transactions within the same bank will miss out on mandatory reimbursement protection, whilst FOS is asked about the resolution of reimbursement disputes.

This TSC report criticises the “painfully slow” implementation of mandatory reimbursement for fraud victims and objects to new proposals by PSR to ask Pay.UK to make, maintain and enforce reimbursement rules.  TSC sees this as an inherent conflict of interest and recommends that PSR use its powers of direction to banks and other payment service providers. 

CMA has published a statement regarding the summary published by the outgoing Chair/Trustee of OBIE which contains recommendations to CMA on how to maintain the Retail Banking Market Investigation Order 2017 Order) during the period from the substantive completion of the Open Banking Roadmap to the establishment of a long-term regulatory framework for Open Banking). OBIE’s report (second link below) also sets out the Chair/Trustee’s personal views to the Joint Regulatory Oversight Committee (including FCA and PSR) on how to ensure the benefits of Open Banking to consumers and SMEs are sustained and developed going forward.

TSC’s report outlines how the Sub-Committee scrutinises proposals, which proposals have been examined since its establishment, and its working methods. It has so far held hearings on proposals to mandate banks to reimburse victims of authorised push-payment scams, and on changes to bank and building society capital requirements as part of PRA’s “Strong and Simple Framework” and has conducted scrutiny of a number of other proposals through written correspondence.

This Order increases the value below which certain transactions can be carried out by certain businesses in operating an account for a customer, from £250 to £1,000, without committing an offence under PoCA. (Date in force: 5 January 2023)

FOS has published Q2 2022 complaints data, noting that it received 38,470 new complaints in Q2, up from 35,029 new complaints in Q1. The most complained about products are: current accounts, credit cards, motor insurance, motor HP, and personal loans.

These Regulations amend the MLRs by substituting the list of high-risk third countries in Schedule 3ZA for a new list. On the new list, Malta is no longer classed as a high-risk third country for the purposes of enhanced customer due diligence requirements in regulation 33(3). Gibraltar is now classed as a high-risk third country for the purposes of enhanced customer due diligence requirements in regulation 33(3). (Date in force: 12 July 2022)

FOS has published its annual complaints data for the 2021/22 financial year. It highlights that the number of complaints on “authorised” scams has increased by around a fifth and that administration and customer service problems headed the list of issues where customers had problems, particularly in the banking and credit sector.

PSR’s consultation proposes to give a specific direction requiring approximately 400 payment service providers to implement a system to offer Confirmation of Payee to their customers (both as payers and payees). Responses are required by 8 July 2022.