On 18 May 2022, the FCA updated its webpage ‘Payment Accounts Regulations: Linked Services List’.
The FCA has added to this webpage the following new sections: more information about who this applies to, next steps and stakeholder feedback.
In terms of who this applies to, the FCA states that the webpage will be of interest to: banks, building societies, other providers of payment accounts falling within the scope of the Payment Accounts Regulations 2015 (PARs), trade bodies representing credit institutions and other payment service providers (PSPs), consumers who have a current account or other type of payment account and consumer organisations.
In terms of next steps:
- Providers of payment accounts do not need to take any action. Under the PARs, PSPs that offer payment accounts to consumers must use the terminology in the Linked Services List in certain information and documentation, where applicable.
- The next review of the Linked Services List will be within four years, from April 2022.