The guidance is split into 3 key sections:
➡️ Interpretation of the act including the definition, scope, and defences for the offence;
➡️ Reasonable prevention procedures covering the Financial Conduct Authority’s (FCA) 6 principles for effective control frameworks; and
➡️ Circumstances in which firms cannot reasonably be expected to implement FTP controls, such as those arising from data protection restrictions or existing contractual agreements.
🗓️ Firms have until 1st September 2025 to ensure fraud risk assessments and prevention controls cover the FTP offence in line with the ECCTA’s requirements.
💡 Plenitude’s Fraud Prevention Practice conducts independent assessments to help clients identify control gaps and maintain compliance in an evolving threat and regulatory landscape. Visit our website for further information: https://www.plenitudeconsulting.com/services/fraud-prevention-services