On 15 September 2015, the FCA published a feedback statement. In this statement it reports on the main issues arising from its call for input on the terms and definitions for services linked to payment accounts and subject to fees.
What this means for you
The finalised provisional UK list of services, terms and definitions is included in Annex 1 to the feedback statement. The FCA has submitted the list to the European Commission and the European Banking Authority (EBA) and the EBA will standardise the terms and definitions of the services that appear on the provisional national lists of at least a majority of member states.
All providers of payment accounts will be required to use the standardised terminology in marketing, pre-contractual and contractual information provided to consumers in relation to payment accounts falling within the scope of the Payment Accounts Directive. The FCA has stated in the feedback statement that it considers it unlikely that the new terminology will have to be used by providers before autumn 2017.