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Saturday, January 13, 2018

New Payment Services Directive (PSD2) legislation from the EU

The EU has updated the Payment Services Directive (PSD) in order to enhance payment services market efficiency and competitiveness, consumer protection and transaction security, the new Directive is called PSD2. As a result, you have new rights and obligations under PSD2 from 13 January 2018.

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What’s happening

Good news, you have more rights as a result of new legislation from the EU.

What has the EU introduced?

The EU has updated the Payment Services Directive (PSD) in order to enhance payment services market efficiency and competitiveness, consumer protection and transaction security, the new Directive is called PSD2.

Each member state is required to adopt PSD2 into their jurisdiction no later than 13 January 2018. 

When is it happening?

From 13 January 2018

What does PSD2 mean for me?

You will have new rights and obligations under PSD2.From 13 January 2018,we will provide our services to you in accordance with the new directive. This means that both new and existing customers will benefit from the additional protections that PSD2 offers.  

 1.     Termination Rights

From 13 January 2018 once your Customer Agreement with us has been running for six months or more, we will not charge you any early termination fees if you terminate the Customer Agreement in accordance with your rights set out in it. However, please note you will still be responsible to us for any outstanding charges you owe us.

 2.     Making a Complaint

We are committed to providing an excellent customer experience.  Our aim is to resolve your concerns and respond to you as soon as possible and no later than 15 business days of first receiving your complaint. If, for reasons beyond our control, we are unable to issue a final response to you within 15 business days we will write to you to keep you updated, clearly outlining the reason for our delay and we will set out the timeline by which you will receive a full written response. In any event, the timeline for sending you a full written response will be no longer than 35 business days from our receipt of your initial complaint. 

Do I need to do anything?

No, your new rights are automatically effective from 13 January 2018. 

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