As a rule that is general where a banking account is susceptible to the PSRs, matching requirements under BCOBS are disapplied

As a rule that is general where a banking account is susceptible to the PSRs, matching requirements under BCOBS are disapplied

Particular guidelines on interacting with clients contained in Chapter 2 of BCOBS associated with the FCA Handbook on chatting with clients (that have been initially created for credit organizations) now also connect with companies providing repayment solutions and electronic cash solutions. The overarching requirement is the fact that businesses communicate information to clients this is certainly fair, clear rather than deceptive and in addition now pertains to those activities related to the supply of electronic cash and re payment solution tasks.

The re re payments regime is lay out mainly into the PSRs, supplemented by step-by-step guidance into the FCA’s ‘Payment Services and Electronic Money: Our Approach’ document. The PSRs applied the EU that is second Payment Directive (PSD2) with impact from 13 January 2018 – changing the Payment Services Regulations 2009, which had implemented the very first EU Payment Services Directive (PSD1). The PSRs include both a licensing regime for ‘payment organizations’ and an enrollment regime for username and passwords service providers (AISPs), each of that are types of non-bank banking institutions, along with substantial conduct needs, which use not just to re payment organizations (and, up to an extent that is limited to AISPs) but in addition to many other kinds of banking institutions such as for example banking institutions and electronic cash organizations (EMIs) whenever supplying payment solutions pertaining to their products or services. Continue reading As a rule that is general where a banking account is susceptible to the PSRs, matching requirements under BCOBS are disapplied