FCA is consulting on proposed changes to the Handbook and guidance relating to the Payment Accounts Regulations 2015 (PARs). FCA proposes to:
- issue guidance on the definition of a “payment account” for the purposes of the PARs;
- issue guidance on the implementation of the provisions on packaged accounts;
- introduce new regulatory reporting requirements in relation to switching and payment accounts with basic features;
- make minor Handbook changes in order to take account of the provisions in the PARs on packaged accounts and switching; and
- update its Decision Procedures and Penalties Manual (DEPP) and Enforcement Guide (EG) to reflect the powers of enforcement FCA has been given under the PARs.
Consultation closes on 3 May. (Source: FCA consults on payment accounts regulations)