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Response to the FCA Payment Accounts Regulations 2015

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The Payment Accounts Regulations 2015 Draft Handbook changes and draft guidance

StepChange Debt Charity response to the Financial Conduct Authority.

We broadly agree with the FCA’s proposed guidance on the definition of a ‘payment account’. However, we believe the FCA should strengthen this guidance so there is more of an onus on firms to monitor whether relevant consumers are covered by the Payment Account Regulations (PARs).

We believe the FCA should strengthen its guidance on data reporting in relation to the PARs by requiring firms to provide information on why they have rejected applications for payment accounts with basic features.

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Helping you become debt free...

“I wish to thank your staff for all the great help they gave me when I was in so much debt.
They were a pillar of support to me.” (Leslie, Essex)

Foundation for Credit Counselling Wade House, Merrion Centre, Leeds, LS2 8NG trading as StepChange Debt Charity and StepChange Debt Charity Scotland. A registered charity no.1016630 and SC046263. It is a limited company registered in England and Wales (company no:2757055). Authorised and regulated by the Financial Conduct Authority.

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© StepChange Debt Charity 2016