On June 17, 2015 the FCA sought views on a proposed list of standardised terms and definitions for key services linked to payment accounts subject to a fee in the UK. Under the Payment Accounts Directive, a key objective is to improve the transparency and comparability of fee information in relation to payment accounts for consumers, including through introducing standardised terms and definitions to describe the key services linked to payment accounts. The services were identified and defined through qualitative consumer research and are listed on page eight of the FCA’s call for input document.
What this means for you
The FCA will now analyse responses and consider any specific proposals for changes to the choice of services on the draft list or to the suggested terms and definitions. It intends to publish a Feedback Statement during the first half of September 2015 and the UK provisional list will then be submitted to the European Commission and the EBA by the deadline of 18 September 2015.