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Claire Rees5 Dec 23

Navigating The FCA's Latest Review

In thisUK Finance Blog, Jade ThirdEye, Client Manager, Claire Rees explores enhancing financial crime response following the FCA’s recent “Review of Anti-Fraud Controls and complaint handling in firms (with a focus on APP Fraud)”.

Enhancing financial crime response in the age of evolving fraud.

The FCA’s recent (and catchily titled) “Review of Anti-Fraud Controls and complaint handling in firms (with a focus on APP Fraud)” has taken a look at how payment service providers are tackling the current fraud epidemic.

It’s not news that the FCA expect firms to keep their financial crime controls under regular review. Risk and control reviews have been fundamental in their requirements for many years, and in the rapidly evolving fraud world we live in, it’s more important than ever.

Surprisingly, some of the FCA’s key findings from this latest review involve firms whose fraud responses don’t focus on customers. The review found firms focussing on commercial risk rather than customer outcomes; room for improvement in the support firms give to victims of fraud; and a variety of poor complaint handling processes involving victims.

The theme is echoed in firms’ MI as the review also found firms reporting against financial measures rather than customer focussed metrics.

Read the rest of the blog in full on the UK Finance Website.


Jade ThirdEye are a UK Finance Commercial Partner.  UK Finance is the collective voice for the banking and finance industry in the UK. Representing more than 300 firms across the industry, the organisation acts to enhance competitiveness, support customers and facilitate innovation.  



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Claire Rees

Claire Rees is a Financial Crime Regulatory Specialist in the UK for Jade ThirdEye. Claire has over 21 year's experience working in Risk Management roles in financial services, 17 years of which were spent specialising in Financial Crime Prevention in a number of senior roles including most recently as Head of Fraud and AML with a mortgage lender and service provider. Claire has participated in a number of regulatory and industry Financial Crime panels including a Government AML advisory panel and the CIFAS Insider Threat Advisory Board which explored ever-changing insider fraud threats.