The FCA has published its thematic review on the fair treatment for consumers who suffer unauthorised transactions (TR15/10). Consumers are protected in the event of fraudulent or other unauthorised transactions by provisions in the Payment Services Regulations 2009, the Consumer Credit Act 1974 and in some cases the FCA Handbook. The review focused on current accounts and credit cards provided to consumers.
The review found that firms are making good efforts to deliver fair outcomes for consumers, and that firms tended to err on the side of the customer and handled complex claims on a case-by-case basis. However, the review did find some confusion from firms on how to handle unauthorised transactions made using an overdrawn current account. Linda Woodall, acting Director of Supervision – retail and authorisations, said: “It is encouraging that firms are making good progress on this issue”.
To read the thematic review, click here.