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New FSCS Consumer Research
With inflation hitting a forty-year high last October, and interest rates hiked up in response, consumer’s financial decisions are being impacted as people seek to make their money go further. Highlights from new FSCS research on this topic from over 4,000 UK adults between September 2022 and February 2023 are available here
FCA seeks views on SME access to FOS
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The FCA has published a call for input on whether the thresholds for small and medium sized enterprises (SMEs) to be able to refer complaints to the Financial Ombudsman Service (FOS) remain appropriate.
In 2018, they made new rules extending access to the FOS for more SMEs so they’re carrying out a review to understand whether the rules remain appropriate and to ensure that access to the Ombudsman Service remains available for SMEs that are unlikely to be able to resolve disputes with financial services firms through the legal system.
Feedback is requested by 28 April 2023. This will help inform the FCA’s review, along with analysis of independent survey data and data received from partner organisations including the LSB, the SME Financial Monitor survey, the FOS and the Business Banking Resolution Service (BBRS).
FATF reports and updates
On 10 March 2023, the Financial Action Task Force (FATF) published updated Recommendations which were adopted at its plenary on 15 February 2023. The revisions address new and emerging threats, clarify and strengthen many of the existing obligations, while maintaining the necessary stability and rigour in the Recommendations.
You can read the updated recommendations here.
On 14 March 2023, the FATF published a report on countering ransomware financing. The report highlights that criminals are almost exclusively using crypto, or virtual assets and have easy access to virtual asset service providers around the world. The report sets out a list of potential risk indicators that can help public and private sector entities identify suspicious activities related to ransomware. You can read the report here.
