The latest edition of the Financial Conduct Authority’s (FCA) anti-fraud guidance is on the horizon.
The new guidance is expected to help banks and their customers better understand their options to prevent fraud.
Read moreThe FCA’s guidance will give banks more information on the types of financial accounts they have, how they work, and how they can improve their compliance with the law.
For example, banks will now be able to show how their products can help people protect themselves and their family.
“Our guidance will make it easier for you to understand your account types and what you can do to reduce risk and improve compliance,” the FSA says.
“The guidance will also help banks better understand the risks and challenges they face.”
There are a few key points that will help you understand your accounts and how to choose the best account for you:The Financial Conduct Agency (FCa) says that if you are concerned about the security of your account, “it is important that you consider whether it is an attractive offer, and whether it will be used for the purposes for which it was created”.
There are also new guidance points that could be of use to you if you have questions about your account or if you think you might have had a bank-related fraud.
You should also keep in mind that your account may be subject to certain conditions and restrictions that apply to all bank accounts.
You should not open an account that is subject to these conditions or restrictions.
The financial watchdog says that “in order to protect you, you should be aware of your rights and responsibilities as an account holder, and the risks associated with your account”.
“It is important to consider whether an offer from a bank or financial institution would be an attractive one to you.
It is also important to think about the specific terms and conditions you may be paying for.
It is also helpful to consider what you would be paying if you wanted to access your account at a specific time or at a particular address.”
To help you think about your options, the Financial Services Information Centre (FSIC) is offering an interactive guide.
Read moreIf you are worried about fraud, the FCA recommends that you speak to your bank.
“If you need help, ask your bank if it is a good option for you.
If you are unsure, speak to a bank specialist.
In the meantime, if you or someone you know has been the victim of fraud, please get in touch with the Financial Fraud Unit (FFU) if you suspect there may be an issue.
The FCa says that financial institutions should work closely with their customers and their financial institutions to ensure that they are making every effort to protect their customers’ data and to minimise the risks of fraud.”
As a result, you can expect that any concerns about your financial account or the account itself will be taken seriously and the accounts will be monitored and reviewed to ensure compliance with UK and European legislation,” the FCa adds.
The Financial Services Authority (FCoA) has more information here