Regulating Mobile Banking And Payments - Balancing Innovation And Security

For anyone involved in mobile banking and payments, keeping an effective grasp on regulatory risk, while engaging with a rapidly changing market place, is often challenging. In its first dedicated review of these issues, the Financial Conduct Authority has set out the key regulatory areas for attention (Mobile Banking and Payments – Supporting an Innovative and Secure Market).

The review spans the whole range of banking and payments services accessible via mobile phones, tablets and other handheld devices and builds on the issues flagged by the FCA in its 2013 Risk Outlook as featured in our briefing Technology risk in financial services – the road ahead under the FCA

In addressing the topic, the FCA emphasises the need for businesses to consider consumer requirements at each stage of product development. Understanding the risks to consumers and taking appropriate measures to address these effectively are also highlighted as an important overarching requirement,