APP Fraud: Prevention is surely better than paying out

Among the UK regulators' recent output relevant to Authorised Push Payment (APP) fraud, two items warrant particular consideration: Read more

Insights on outsourcing and other lessons from a data breach – the UK FCA perspective

On 13 October 2023, the UK FCA published its Final Notice to Equifax Ltd, the UK subsidiary of US company Equifax Inc, in relation to a major 2017 data breach which affected over 13.7 million UK consumers. The FCA determined that Equifax Ltd had breached Principles 3, 6 and 7 of its Principles  and imposed a fine of over £11m. The firm agreed to resolve the matter and so qualified for a 30% discount for early settlement. The FCA's Final Notice helps to explain the rationale behind the UK regulatory authorities developing and enhancing the operational resilience regime in 2019. It also highlights some particular pitfalls in managing intra-group outsourcings effectively. Read more

Attention all auditors, again – HKMA and AFRC enter into new Memorandum of Understanding to strengthen collaboration

Earlier this year, we reported on the introduction of the first joint statement between the Securities and Futures Commission (SFC) and the Accounting and Financial Reporting Council (AFRC) (please see our July 2023 bulletin). More recently, the AFRC entered into a new Memorandum of Understanding (MoU) with the Hong Kong Monetary Authority (HKMA) to strengthen co-operation between the … Read more

The cost of ‘doing the right thing’

The UK Financial Ombudsman Service (FOS) reports that its uphold rate for complaints from customers of firms who are signatories to the Contingent Reimbursement Model (CRM) Code is higher than those from non-signatories. Read more

Isolated complaint or systemic issue? Hong Kong Monetary Authority strengthens requirements for complaints handling and investigating control deficiencies to be implemented by 5 April 2023

What are authorised institutions (AIs) required to do when they receive a customer complaint? On 6 January 2023, the Hong Kong Monetary Authority (HKMA) issued its updated Supervisory Policy Manual (SPM) module IC-4 on complaints handling and redress. The updated IC-4 imposes new requirements on AIs under an enhanced complaints handling framework, in line with one … Read more

Duty of Care – countdown to the much anticipated FCA consultation

Way back in 2019, the FCA published a Feedback Statement, summarising responses to its July 2018 Discussion Paper on the proposed introduction of a 'duty of care' and setting out its next steps.  In that Feedback Statement, the FCA said it would publish a further paper seeking detailed views on specific options for change. We are now expecting the much anticipated consultation this month. Read more