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What next for mobile banking and consumers?
Jacob Ghanty, partner, and Eimear O’Brien, associate at Berwin Leighton Paisner, examine the findings of the Financial Conduct Authority’s (FCA’s) recent thematic review on mobile banking and payments.
Consumer protection and security are key for mobile banking, FCA, LNB News 11/09/2014 157
Consumers have the same regulatory protections in place when using mobile banking services as when making payments by other means, the FCA emphasises following a thematic review. A number of issues have been identified, including the role of senior management, security and technological resilience, and the importance of third party oversight. The review follows an FCA interim report, which was published in 2013.
What is the background to the review?
The FCA’s 2012/13 risk outlook recognised that mobile banking had the potential to rapidly increase in popularity and that innovation in banking and mobile technologies had the potential to impact on the FCA’s objectives. The FCA commenced a thematic review in 2012 to tackle potential risks to consumers at an early stage to prevent them from developing. The FCA published its interim report in August 2013 which set out the areas where the FCA believed firms should focus their attention.
The purpose of the more recent thematic review was to determine how firms are achieving good outcomes for consumers when delivering mobile banking products.
What was the scope of the review?
The thematic review focused on the different ways in which consumers may carry out mobile banking and payments on their mobile phones or tablet computers (including contactless payments made using a mobile device).
The FCA engaged with regulated firms such as banks, building societies and payment institutions, and other participants in the industry (eg technology providers, mobile network operators and unregulated firms). The thematic review covered the following areas:
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