The changes to this version of the calendar are:

• Introduction of a new summary section, 'Key Implementations' to include information on:
  • The implementation of 'High Cost Credit'
  • The implementation date of Waiver 7.

High Cost Credit

In June 2019, the FCA made final rules in their consultation paper (CP18 /42) in respect of separating out the display of customer funds from any arranged overdraft facility.  In addition, the FCA has banned the use of terms such as “available balance” in order to increase customer awareness on when they are utilising any overdraft facility available to them. These new rules come into force on 18 December 2019.

Summary of requirements for ASPSPs

The following requirements apply for ASPSPs who have a personal current account base of at least 70,000:

1. A ban on the use of words such as “balance”, “available funds”, “available balance” or any similar terminology which refers to an available overdraft facility.
2. When an available arranged overdraft is presented to a customer it should be shown separately to the customer’s own money. The rule should apply anywhere firms display or refer to available funds, e.g. in overdraft alerts, at cash machines, on bank statements, internet banking, banking apps or telephone banking.
3. Showing consumers a ‘safe to spend’ or ‘smart balance’ that lists and excludes (future) regular payments and pending payments may help with budgeting.

Waiver 007

Waiver 007 was introduced in June to propose that ASPSPs and TPPs MUST NOT validate the message signature during the period of the waiver.

The purpose of this transparency calendar page change is to track the compliance of ASPSPs, in response to the question ‘Do you currently comply with the waiver and if not now when shall you?’  This can help OB ecosystem participants plan any changes they may need to make.

Please note that any ASPSPs that have passed PISP Conformance are also compliant with the Waiver. 

Questionnaire