Mar 26 - FSC Publishes Guide on Payment Services
The FSC yesterday published a guide aimed at helping consumers understand the different aspects of payment services, which are covered under the Payment Services Directive. This Directive was transposed into local legislation via the Financial Services (EEA) (Payment Services) Regulations 2010.
The guide provides information for consumers on the payment services industry. It advises consumers about important matters to consider and areas to look out for when carrying out transactions with a payment services institution.
This publication is easy to follow and user-friendly. It is divided into various sections, including the rights and obligations of both the consumer and the payment services provider. It also contains a glossary of commonly used payment services terms.
Heidi Bocarisa, Head of Banking & Investment Services Supervision, explained, ‘the term "payment services" covers a wide range of activities, such as payments into bank accounts, direct debits, standing orders and also relates to many types of firms: such as banks providing these activities, credit card companies, and money transfer operators.
Since 2010, firms that provide payment services have been required to meet certain standards. Users of payment services also have certain obligations. The purpose of this publication is to provide what we hope is a simple yet informative guide that users of payment services can refer to.’
Users can access the publication on the FSC’s web-site by clicking on the Consumer section on the menu followed by the Payment Services Consumer Guide.(http://www.fsc.gi/consumer/PSRPaymentServicesRegulations.htm)
