As part of the implementation of the PAD provisions in respect of payment account services, the FCA have prepared a UK list of services and suggested terms and descriptions to describe these services.
The FCA called for feedback on this list earlier in June and recently issued a feedback statement which set out:
- General issues that were highlighted in the feedback that related to:
- the scope of PAD;
- lack of clarity around the process of standardising terminology across the EU; and
- time that service providers such as banks and building societies would be given to integrate terms and definitions into consumer documents and marketing materials.
- A summary of the feedback concerning the definition of a ‘service’ in the context of payment accounts.
- A summary of the proposed revisions made to the list of services.
Finalising the list of services is the first step towards implementing the PAD and it is unlikely that service providers will be required to incorporate any new terminology before autumn 2017.