FSA to monitor refunds from banks

It has been reported that the UK’s financial regulator, the Financial Services Authority, is to closely monitor refunds that are made by banks in instances where the consumer states that he or she has not authorised a transaction. Regulations that were brought in last November required banks to make immediate refunds to consumers for transactions that they claim that they had not made unless there was clear evidence that the consumer was involved in fraud or had been reckless. Read more