What has happened?
The Financial Conduct Authority (FCA) has published its Final Linked Services List under the Payment Accounts Regulations.
What does this mean?
This represents an important milestone in the implementation of the Payment Accounts Regulations 2015 (PARs) and requires payment services providers that offer payment accounts to begin using the prescribed terminology from 31 October 2018.
Publication of the list follows the FCA's earlier Call for Input and Feedback Statement, where it consulted on and published the UK's provisional list.
The final list contains the same 15 services as included on the provisional list and terminology for eight services in the UK's provisional list has also been standardised at EU level.
All payment account providers should now begin what will likely be an intensive implementation exercise to ensure that the terminology is included in a number of PARs specific documents, such as the glossary, fee information document and annual statement of fees.
In addition, payment account providers have the unenviable task of integrating the terminology into all relevant "contractual, commercial and marketing information".
This will involve detailed consideration of which types of information should be treated as 'in-scope', as well as careful management to ensure that the final information provided to consumers remains clear, relevant and user-friendly.
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