Certain guidelines on chatting 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 supplying repayment solutions and electronic money solutions. The overarching requirement is the fact that businesses communicate information to clients this is certainly reasonable, clear and never deceptive and in addition now pertains to those activities linked to the supply of electronic cash and re payment solution activities.
The re re payments regime is lay out mainly into the PSRs, supplemented by step-by-step guidance within 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 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 a enrollment regime for username and passwords companies (AISPs), both of that are kinds 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 forms of banking institutions such as for instance banking institutions and electronic cash organizations (EMIs) whenever supplying re re payment solutions with regards to their products or services.