The FCA has published Feedback Statement 15/4: Terms and definitions for services which are linked to payment accounts and subject to fees (FS15/4). In FS15/4 the FCA reports on the main issues arising from the Call for Input: Terms and definitions for services which are linked to payment accounts and subject to fees and has also published a provisional list of the most representative services within the meaning of Article 3 of the Payment Accounts Directive (PAD).

The FCA notes that following feedback to the Call for Input it has added five additional services to the provisional list (direct debit, standing order, withdrawing pounds in the UK, debit card payment in pounds and cancelling a cheque), set out the terms and definitions to describe these additional services, changed the term ‘unplanned overdraft’ to ‘unarranged overdraft’ and made minor amendments to some of the definitions.

As required by the PAD, the FCA will submit the provisional list of terms and definitions to the European Commission (EC) and the European Banking Authority (EBA) by 18 September 2015. The EBA will standardise the terms and definitions of the services that appear on the provisional national lists of at least a majority of EU Member States. These must be submitted to the EC as draft regulatory technical standards (RTS) by 18 September 2016.

Providers of payment accounts do not need to take any immediate action as the completion of the provisional list is the first step in the PAD standardisation process. The EBA will consult publicly on draft RTS which will allow stakeholders to input their views on the proposed EU-level standardised terms and definitions. At present, the FCA considers it unlikely that the new terminology will have to be used by providers before autumn 2017.

View FS15/4: Terms and definitions for services which are linked to payment accounts and subject to fees, 15 September 2015