The Payment Accounts Regulations 2015 Draft Handbook changes and draft guidance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.