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British banks could face fines over arbitrary fraud compensation.

M2 EQUITYBITES-May 16, 2019--British banks could face fines over arbitrary fraud compensation

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Global Banking News - 16 May 2019

The UK's Financial Conduct Authority's head of enforcement, Mark Steward, has said that commercial banks in the UK could face fines if they make arbitrary decisions on how to compensate customers exposed to fraud.

The regulator's warning comes as a code of conduct designed to offer greater protection comes into force on May 28.

According to Reuters, Steward told a parliamentary committee, 'If we see banks under the code behaving in a very inconsistent way and making selectively arbitrary decisions about what they'll compensate and what they won't ... we might regard that as a very troubling thing. And it might give rise to enforcement action if we see significantly poor compliance with the code.'

Figures show that consumers lost almost GBP93m in the first half of last year to so-called authorised push payment (APP) scams, which sre believed to be among the fastest-growing frauds in Britain.

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Date:May 16, 2019
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