Featured Product

    EBA Guidelines on Procedures for Complaints of Infringements of PSD2

    October 13, 2017

    EBA published the final guidelines on complaint procedures to be followed by competent authorities to ensure and monitor effective compliance by payment service providers with the revised Payment Services Directive (PSD2). These guidelines are part of the EBA's work to support the core objectives of PSD2 of strengthening the integrated payments market across the EU. The guidelines apply from January 13, 2018.

    The guidelines specify the requirements for the channels to be used by complainants to file their complaints, the information competent authorities should request from complainants when complaints are submitted to them, and the information competent authorities should include in their responses to complaints. In addition, the guidelines require competent authorities to make an aggregate analysis of the complaints received, to document their internal complaints procedures, and to make information related to their procedures for complaints of alleged infringements of PSD2 publicly available.

    The guidelines apply only to complaints addressed to competent authorities about alleged infringements of PSD2 and do not cover other issues that payment service users or other interested parties may complain about. They also do not cover complaints submitted as part of alternative dispute resolution procedures for the settlement of disputes between payment service users and payment service providers. Taking into consideration the responses received from external stakeholders during the public consultation, EBA has introduced some minor changes to the Guidelines, for example, to clarify that the types of complainants that are considered to be “other interested parties” for the purpose of these guidelines, includes payment service providers that are affected by the situation(s) that gave rise to the complaint.

     

    Related Links: Guidelines on Complaint Procedures Under PSD2 (PDF)

    Effective Date: January 13, 2018

    Keywords: Europe, Banking, PMI, PSD2, Complaint Procedures, Payment Service Providers, EBA

    Related Articles
    News

    APRA Publishes Approach to Regulating and Supervising GCRA Risks

    APRA published an information paper that sets out a more intensive regulatory approach to transform governance, culture, remuneration, and accountability (GCRA) practices across the prudentially regulated financial sector.

    November 19, 2019 WebPage Regulatory News
    News

    IAIS Publishes Application Paper on Recovery Planning

    IAIS published the final application paper on recovery planning, along with the resolution of comments on the draft application paper.

    November 18, 2019 WebPage Regulatory News
    News

    FSB Publishes Summary of November Meeting of RCG for MENA Region

    FSB published a summary of the November meeting of the Regional Consultative Group (RCG) for Middle East and North Africa (MENA).

    November 17, 2019 WebPage Regulatory News
    News

    EBA Single Rulebook Q&A: Second Update for November 2019

    EBA updated the Single Rulebook question and answer (Q&A) tool with answers to eight questions that relate to the Bank Resolution and Recovery Directive (BRRD) and the Capital Requirements Regulation and Directive (CRR and CRD).

    November 15, 2019 WebPage Regulatory News
    News

    FASB Delays Effective Dates for CECL, Leases, and Hedging Standards

    FASB issued two Accounting Standards Updates finalizing the delays in effective dates for standards on current expected credit losses (CECL), leases, hedging, and long-duration insurance contracts.

    November 15, 2019 WebPage Regulatory News
    News

    ESMA Updates Q&A on Securitization Regulation in November 2019

    ESMA updated questions and answers (Q&A) on the Securitization Regulation (Regulation 2017/2402).

    November 15, 2019 WebPage Regulatory News
    News

    HKMA Announces Finalization of Banking Liquidity Amendment Rules 2019

    HKMA issued a letter informing all authorized institutions that negative vetting of the Banking (Liquidity) (Amendment) Rules 2019 (BLAR) has now expired. Thus, the BLAR will now come into operation from January 01, 2020.

    November 15, 2019 WebPage Regulatory News
    News

    FSI Examines Use of Red Team Testing to Enhance Cyber Resilience

    The Financial Stability Institute (FSI) of BIS published a paper that examines the contribution of red team testing frameworks toward enhancing cyber resilience.

    November 15, 2019 WebPage Regulatory News
    News

    BCBS Consults on Revised Disclosures for Market Risk Framework

    BCBS launched a consultation on the revised disclosure requirements for the market risk framework for banks.

    November 14, 2019 WebPage Regulatory News
    News

    BCBS Consults on Disclosure Templates of Sovereign Exposures of Banks

    BCBS published a consultation on the voluntary disclosure templates related to sovereign exposures of banks.

    November 14, 2019 WebPage Regulatory News
    RESULTS 1 - 10 OF 4164