On 29 April 2022, the FCA published on its website an update concerning the Linked Services List.
The Payment Accounts Regulations 2015 require the FCA to maintain and publish a list of the most representative services linked to payment accounts that are subject to a fee in the UK. The list includes standard terms and definitions to describe the linked services, which payment service providers must use where applicable.
The FCA reports that it completed a review of the Linked Services List in April 2022, having sought the views of industry and consumer bodies in January. The FCA has decided it is not appropriate to update the list at this time, as any benefits would not in its view justify the cost that it would put on firms. The FCA adds that it thinks that the list continues to meet the statutory requirements, containing the most representative services and that its purpose is still being fulfilled, which is helping consumers make an informed choice when choosing payment accounts.