Use cases

Flag the regulator updates that touch your firm

Judges each regulator update against your firm's profile: does it apply, which business line and topic, what work it may cause. Compliance decides.

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Example · An invented policy statement on complaints about push payment fraud

Publisher and item type: UK financial regulator · policy statement

Title: Handling complaints about authorised push payment fraud: final rules and feedback on consultation

Text of the update, or its summary and first sections

1. Summary 1.1 This policy statement confirms our final rules on how payment service providers handle complaints from consumers who report that they were tricked into making a payment to a fraudster (authorised push payment fraud, or APP fraud). It follows our consultation earlier this year and summarises the feedback we received. 1.2 The rules apply to all payment service providers that provide payment accounts to consumers, including banks, building societies, payment institutions and electronic money institutions. They do not apply to accounts held by businesses. 2. What firms must do 2.1 Firms must acknowledge an APP fraud complaint within two business days of receiving it, and tell the consumer who will handle it. 2.2 Firms must record, for each complaint, the reason the consumer gives for making the payment, using the categories in the annex, such as a purchase, an investment, a romance or a request that appeared to come from the firm itself. 2.3 Firms must report APP fraud complaints as a separate category in their half-yearly complaints return, with the recorded reasons. 2.4 These rules come into force 12 months after the date of this statement. We expect firms to review their complaint-handling procedures and the systems that capture complaint data well before then. 3. Feedback on the consultation 3.1 We received 46 responses. Most supported the proposals. Several smaller firms asked for more time to change their systems, and we have extended the implementation period from 6 to 12 months in response. 3.2 We are not asking for further comments on these rules.
  1. Does the item say enough about what changes, and for whom, to judge whether it applies to the firm?Yes94%
  2. Given the firm profile, does this update apply to the firm?Applies83%
  3. Which of the firm's business lines does the update mainly concern?Consumer accounts and cards100%
  4. What is the main subject of the update?Conduct and complaints99%
  5. What kind of publication is the update?Final rule or law100%
  6. Does the update create or change an obligation that would need a change to a process, policy, system, disclosure or report?Yes96%
  7. Does the update invite firms or the public to send comments, evidence or data?No90%
  8. Does the update describe a failing at another firm that our firm could check itself against?No92%
  9. How much work could this update cause the firm?Change programme99%

These are real answers stored from one run on this example.

The prism behind it

Flag the regulator updates that touch your firm9 questions

Fields

  • Publisher and item type
  • Title
  • Text of the update, or its summary and first sections

Context

Firm profile of Fenmore Money, an electronic money institution authorised in the UK, with a separate e-money licence in Ireland for customers in the EU. What we do: - Consumer accounts and cards: e-money accounts for individuals, with a debit card and an app. About 400,000 customers in the UK and Ireland. - Business accounts: payment accounts for sole traders and companies with fewer than 50 staff. About 18,000 customers. - International transfers: money transfers from the UK and Ireland to 30 countries, through partner banks. What we do not do: lending of any kind, credit cards, savings or deposits, investments, insurance, crypto-assets, or payment services for large companies. We hold customer funds in safeguarding accounts at two banks. Card processing, cloud hosting and identity checks are outsourced. Each item from our feeds (UK and Irish financial regulators, the European supervisory authorities, card schemes, government and the courts) is read here as it is published. Items that do not apply are filed with their answers as the record of why. Others go to the team that owns the business line or topic. Nothing here interprets the law or says what we must do; the compliance team decides. Dates, such as when a rule comes into force or a consultation closes, are read by code from the feed.

Questions

  1. Does the item say enough about what changes, and for whom, to judge whether it applies to the firm? Yes / No

    Read the source, the title and the text. An item cut short, or a title with a line of summary, may not say which firms it covers or what they must do. Yes: The item says what it covers and which kinds of firm or activity it concerns. No: The item is too short or too general to tell which firms it concerns or what it changes.

  2. Given the firm profile, does this update apply to the firm? Choice

    Compare the kinds of firm, activity, product, customer and country the item covers with the firm profile in the context. Judge from the item and the profile only.

    • Applies The item plainly covers a licence we hold, a product we offer, customers we serve, or all firms of our kind.
    • May apply, needs review The item could cover us, but the text leaves it open, for example it names a close but different type of firm or does not say which firms it covers.
    • Does not apply The item covers other sectors, products, firm types or countries only, such as lenders, insurers or investment firms.

  3. Which of the firm's business lines does the update mainly concern? Choice

    Use the business lines in the firm profile. Choose the line whose products or customers the item is mainly about.

    • Consumer accounts and cards E-money accounts, cards and the app for individual customers.
    • Business accounts Payment accounts for sole traders and small companies.
    • International transfers Sending money abroad, correspondent and partner banks, currency exchange.
    • Whole firm Governance, safeguarding, financial crime, resilience, outsourcing or reporting across every business line.
    • None of our business lines The item is about products or customers we do not have.

  4. What is the main subject of the update? Choice

    Choose the subject of what firms are asked to do, not of the events the item mentions.

    • Financial crime Money laundering, sanctions, fraud prevention and fraud controls, customer due diligence.
    • Conduct and complaints How customers are treated: complaints handling, fair value, communications, customers in vulnerable circumstances.
    • Payment services rules How payments are executed, authorised, refunded or reimbursed, and access to payment systems.
    • Safeguarding and prudential Protecting customer funds, capital, liquidity and wind-down planning.
    • Data protection and cyber Personal data, information security and cyber incidents.
    • Resilience and outsourcing Operational resilience, outages, third-party and outsourcing risk.
    • Regulatory reporting Returns, data submissions and notifications firms send to a regulator.
    • Governance and people Senior managers, board responsibilities, pay, fitness and propriety, and staff conduct rules.

  5. What kind of publication is the update? Choice

    Choose by what the publication is, not by what it is about.

    • Final rule or law A law, a rule or a regulation that has been made, with or without a date it comes into force.
    • Proposal or consultation A draft rule or a proposal that invites comments before it is made.
    • Guidance Guidance, questions and answers, or a supervisory statement on how existing rules apply.
    • Supervisory letter or review findings A letter to the leaders of a group of firms, or the findings of a review across firms, with expectations.
    • Enforcement action A fine, a ban or another action against a named firm or person.
    • Deadline change or reminder Moves, extends or reminds firms of a date for something already decided.
    • Report or speech A report, statistics, a speech or commentary that sets no new expectation.

  6. Does the update create or change an obligation that would need a change to a process, policy, system, disclosure or report? Yes / No

    Judge the obligation for the firms the item covers, whether or not it covers us; the applies question records that. Yes: The item creates, changes or removes something firms must do, or asks them to act, attest or report. No: The item describes, explains or proposes, and changes nothing firms must do yet.

  7. Does the update invite firms or the public to send comments, evidence or data? Yes / No

    Do not read the closing date; code takes it from the feed. Yes: The item asks for comments, responses, evidence or data from firms or the public. No: The item asks for no comments or data, or says a consultation has closed. Feedback on a past consultation, or a statement that no further comments are sought, is No.

  8. Does the update describe a failing at another firm that our firm could check itself against? Yes / No

    Yes: The item describes what a named firm, or firms in a review, did wrong in a way a firm like ours could also get wrong. No: The item describes no failing at another firm.

  9. How much work could this update cause the firm? Scale

    Judge the work for our firm, from the firm profile and the item. If nothing in the item touches our firm, choose None.

    • None Nothing for our firm to do or know.
    • Awareness Brief the owners; no process, policy or system changes.
    • Update procedures A policy, a procedure, a customer document or staff training needs changing.
    • Change programme A system, product, reporting or staffing change is needed to meet a new obligation.

Lens columns

enough_information, enough_information_probability, applies, applies_probability, business_area, business_area_probability, topic, topic_probability, change_type, change_type_probability, new_obligation, new_obligation_probability, consultation_open, consultation_open_probability, enforcement_lesson, enforcement_lesson_probability, work_needed, work_needed_average

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