Specific guidelines on chatting with clients found in Chapter 2 of BCOBS for the FCA Handbook on interacting with clients (that have been initially created for credit organizations) now additionally connect with companies payment that is providing and electronic cash solutions. The overarching requirement is that businesses communicate information to clients this is certainly reasonable, clear rather than deceptive and in addition now pertains to the actions linked to the provision of electronic cash and payment solution activities.
The re payments regime is put down mainly into the PSRs, supplemented by detail by detail guidance within the FCA’s ‘Payment Services and Electronic Money: Our Approach’ document. The PSRs applied the 2nd EU Payment Services Directive (PSD2) with impact from 13 January 2018 вЂ“ changing the Payment Services Regulations 2009, which had implemented the initial EU Payment Services Directive (PSD1). The PSRs include both a licensing regime for ‘payment organizations’ and an enrollment regime for username and passwords companies (AISPs), each of that are types of non-bank banking institutions, also substantial conduct demands, which use not just to payment organizations (and, up to an extent that is limited to AISPs) but additionally to many other forms of finance institutions such as for example banks and electronic money organizations (EMIs) whenever supplying re re payment solutions pertaining to their products or services. We describe the PSRs in greater detail later on in this chapter.
Closely pertaining to the re re payments regime could be the electronic cash (or e-money) regime underneath the Electronic Money Regulations 2011 (EMRs), which implement the EU Second Electronic cash Directive. The EMRs consist of a licensing regime for EMIs, that are non-bank monetary organizations allowed to issue and hold e-money balances (effortlessly quasi-deposit balances being meant as a method of investing instead of as a method of saving), and that could additionally offer the exact same payment solutions as re payment organizations and limited credit facilities such advance financial 24/7 hours as for example charge cards or quasi-overdraft facilities. Continue reading “As a basic guideline, where a banking account is susceptible to the PSRs, matching requirements under BCOBS are disapplied”