Regulatory Alerts2018-07-30
Added · Updated
PS19/3: General standards and communication rules for the payment services and e-money sectors
The Financial Conduct Authority extends the application of its Principles for Businesses and specific communication rules from the Banking Conduct of Business Sourcebook (BCOBS 2) to payment institutions, electronic money institutions, and registered account information service providers. New rules and guidance are introduced to regulate the communication and marketing of currency transfer services, requiring that such communications be fair, clear, and not misleading, particularly regarding exchange rates and cost disclosures. These changes apply to credit institutions, payment institutions, electronic money institutions, and registered account information service providers when providing payment services or issuing e-money. Firms must comply with these new requirements by 1 August 2019.
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