In the latest consultation, running until 1 November 2018, the FCA is asking for views on three major changes to the existing regime.
- Extending the application of the Principles of Business to firms providing payment services and issuance of e-money and any activities connected to these;
- Extending the application of rules and guidance in BCOBS 2 (Banking Code of Business) concerning communications with retail banking customers; and
- Introducing new rules and guidance in BCOBS2 on currency exchange transfer services.
But what does this mean for firms? On the one hand, you could say that there won’t be a huge amount of change. The FCA already has powers given to them by the Enterprise Act to enforce the Consumer Protection from Unfair Trading Regulations 2008 (CPRs). They use these where they believe a firm is deliberately misleading or aggressively targeting consumers.