皇冠体育app

皇冠体育app Payment Services Regulations 2017 provide protection for payment service users by making provision for at least two months鈥� notice when payment service providers (PSPs) decide to terminate a payment service contract concluded for an indefinite period. 皇冠体育app regulations propose amendment to the regulations, to enhance customer protections when PSPs terminate contracts with service users. 皇冠体育appse enhancements are to apply to framework contracts for payment services concluded for an indefinite period and entered into on or after 28 April 2026. 皇冠体育appy include extending the minimum notice period for contract terminations to 90 days, mandating PSPs to provide sufficiently-detailed and specific reasons for contract termination, so that users can understand why their contract is being terminated and inform them of any right they may have to complain to the Financial Ombudsman Service.

皇冠体育app RPC had, on first submission of the IA for RPC scrutiny, concerns about the equivalent annual net direct cost to business (EANDCB) figure, and also that the impacts on small and micro businesses, including whether they may be disproportionately affected, had not been considered adequately. Revisions to the IA have addressed these concerns satisfactorily. 聽皇冠体育appre remained, however, some weaknesses that needed to be addressed.

皇冠体育app now identifies and quantifies the main costs of the proposals as the initial familiarisation and transitional costs of updating contract templates. Additionally, the IA discusses potential costs relating to ongoing compliance with the requirements and the knock-on effects of customers having increased time to contest their account terminations. 皇冠体育app IA notes that there will be benefits to customers from an improved customer experience. 聽It estimates the EANDCB figure for the proposals to be 拢6.7 million, with the net present value being estimated at -拢57.3 million.