Rely on the most comprehensive, up-to-date legal content designed and curated by lawyers for lawyers
Work faster and smarter to improve your drafting productivity without increasing risk
Accelerate the creation and use of high quality and trusted legal documents and forms
Streamline how you manage your legal business with proven tools and processes
Manage risk and compliance in your organisation to reduce your risk profile
Stay up to date and informed with insights from our trusted experts, news and information sources
Access the best content in the industry, effortlessly — confident that your news is trustworthy and up to date.
Find up-to-date guidance on points of law and then easily pull up sources to support your advice with Lexis PSL
With over 30 practice areas, we have all bases covered. Find out how we can help
Our trusted tax intelligence solutions, highly-regarded exam training and education materials help guide and tutor Tax professionals
Regulatory, business information and analytics solutions that help professionals make better decisions
A leading provider of software platforms for professional services firms
In-depth analysis, commentary and practical information to help you protect your business
LexisNexis Blogs shed light on topics affecting the legal profession and the issues you're facing
Legal professionals trust us to help navigate change. Find out how we help ensure they exceed expectations
Lex Chat is a LexisNexis current affairs podcast sharing insights on topics for the legal profession
Discuss the latest legal developments, ask questions, and share best practice with other LexisPSL subscribers
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:
Access this article and thousands of others like it free by subscribing to our blog.
Read full article
Already a subscriber? Login
0330 161 1234