UK Law and Practice Contributed by: James Burnie, Kathryn Dodds, Olga Antonova and Holly Joseph, gunnercooke llp
• Fraud by abuse of position: a person commits this offence if he (by act or omission): (a) occupies a position in which he is expect - ed to safeguard, or not to act against, the financial interests of another person; (b) dishonestly abuses that position; and (c) intends, by means of the abuse of that position to: (i) make a gain for himself or another; or (ii) cause loss to another or to expose another to a risk of loss. 12.2 Areas of Regulatory Focus The regulators in the UK are focussed on stop - ping any type of fraud, particularly where it may affect the UK retail market. Fraud is a particular issue that has arisen in respect of firms misrep - resenting the nature of the products that they sell/make available to clients, as well as where they make a secret profit at the expense of their consumers.
In relation to authorised push-payment fraud ( “APP fraud” ), the UK has implemented a specif - ic regime requiring payment services providers to put in place systems and controls to combat APP fraud. These requirements also require that, if someone is the victim of APP fraud, they can claim for the loss. These rules will apply in rela - tion to payments made via Faster Payments or CHAPS from one UK bank account to another, and will require both sending and receiving pay - ment services firms to split the costs of reim - bursement 50:50 in the event of APP fraud. 12.3 Responsibility for Losses Please see 12.2 Areas of Regulatory Focus .
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