Particular guidelines on interacting with customers found in Chapter 2 of BCOBS of this FCA Handbook on interacting with clients (that have been initially made for credit organizations) now additionally connect with organizations 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 misleading and in addition now relates to the actions linked to the supply of electronic cash and re re re payment solution tasks.
The re payments regime is put down mainly within 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 effect from 13 January 2018 вЂ“ 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 companies (AISPs), both of which are types of non-bank banking institutions, in addition to considerable conduct demands, which use not just to re payment organizations (and, up to an extent that is limited to AISPs) but additionally to many other kinds of banking institutions such as for example banking institutions and electronic cash organizations (EMIs) whenever supplying payment solutions with regards to their products or services.