For example, financial firms’ efforts to provide restitution in overcharging cases tended to drag on interminably prior to setting a strict deadline backed up by the threat of enforcement action – and by taking a couple of cases. We have targeted transaction reporting as an area of concern and see firms tightening up the procedures as a result.
We have sent a strong signal to firms both domestic and international that their systems and controls need to be strong and robust. We have also, as part of our mandate to protect consumers, focused on how firms handle complaints from their customers, emphasising to firms the importance of consumer protection and professional interaction.