/regulation & compliance

News and resources on regulation, compliance, legal and governance issues for banks and fintechs.

Hamish Monk

Understanding consumer duty

Hamish Monk - Writer - Finextra
Discussion
Major UK banks broke CMA rules
Arshad Noor

Arshad Noor

  Does the CMA not have the authority to fine such companies for violations? If it does not, then the situation will never improve. I suggest looking at the US' Consumer Finance Protection Bureau (CFPB)  - setup during the Obama administration - as an example of some good work they are performing. According to their websites, they were responsible for getting $20B returned to consumers of the life of the agency (probably around 10 years now).
Major UK banks broke CMA rules
A Finextra Member

A Finextra member

  Quelle surprise; shame the CMA can't look at how HSBC failed to communicate 'clawback' to it's own staff, many now struggling as they see their bank pension reduced when they reach state pension age.... 
Bank v. Neobank: Safety Of Money In The Light Of Synapse - Evolve Fracas
Melvin Haskins

Melvin Haskins

  Terrific analysis - thank you
UK payments group urges incoming Government to make Big Tech refund fraud victims
Ketharaman Swaminathan

Ketharaman Swaminathan

  As I pointed out in Why Don’t UPI / Zelle Provide Fraud Protection?, credit card had tons of friendly fraud, merchants complained, A2A RTP was introduced as a more merchant-friendly alternative method of payment. It's funny how people forget that and don't realize that, if A2A RTP provided the same level of fraud protection / potential for abuse as credit card, it will become as merchant-unfriendly as credit card as suffer from lack of merchant adoption.
Hamish Monk

PSD3 use cases

Hamish Monk - Writer - Finextra