On 1 February 2019, the FCA published Policy Statement 19/3: General standards and communication rules for the payment services and e-money sectors (PS19/3).
In PS19/3 the FCA confirms the following changes to the Handbook following its earlier consultation (Consultation Paper 18/21: General standards and communication rules for the payment services and e-money sectors, our blog is here).
In summary, the FCA:
- is extending the application of the Principles for Businesses to the provision of payment services and the issuance of e-money by certain payment service providers and e-money issuers (chapter 2);
- is extending the application of certain communication rules and guidance in the Banking Conduct of Business Sourcebook, Chapter 2 to communications with payment service and e-money customers (chapter 2); and
- has made rules and guidance on the communication and marketing of currency transfer services, applicable to payment services and the issuance of e-money involving a currency conversion (chapter 3).
The new rules and guidance comes into effect from 1 August 2019.
