The Financial Conduct Authority published a policy statement on changes to the FCA Handbook to implement the Payment Accounts Regulations 2015 (PAR). The policy statement summarizes feedback from its consultation on the implementation of the PAR in March of this year and contains the subsequent final changes to the FCA Handbook and the finalized non-Handbook guidance. 

Changes to the Handbook and Guidance touch on various issues. Minor amendments have been made to the Guidance to provide clarity on the definition of a “payment account” in the Handbook and the scope of the PAR provisions on packaged accounts has been clarified. Amendments have also been made in relation to the regulatory reporting requirements. For example, the total number of refusals of switching and basic bank account applications would now need to be reported (rather than the proportion of total applications refused). The reporting deadline has also been extended to two months (instead of one month) after the end of the reporting period.

Changes to the Handbook and Guidance will come into effect on September 18, 2016, which is the same day as the date on which the Payment Account Regulations provisions on packaged accounts, switching and basic bank accounts enter into force.

View the policy statement.