FCA Handbook - SUP 16.22 Reporting under the Payment Accounts Regulations

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SUP 16.22 Reporting under the Payment Accounts Regulations

Application

This section applies to a payment service provider located in the UK other than:

(1)
a credit union;
(2)
National Savings and Investment; and
(3)
the Bank of England.

[Note: see SUP 16.1.1ED]

Purpose

The purpose of this section is to give directions to payment service providers under regulation 29 (Reporting requirements) of the Payment Accounts Regulations about:

(1)
the information concerning their compliance with the requirements imposed on them under Part 3 (Switching) and Part 4 (Access to payment accounts) of the Payment Accounts Regulations; and
(2)
the time at which and the form in which they must provide that information.

Reporting requirement

A payment service provider that offers a payment account within the meaning of the Payment Accounts Regulations must submit a duly completed report (referred to in this section as a “payment accounts report”) to the FCA.

A payment service provider to which SUP 16.22.3D applies and which is a credit institution is required to complete every row in the payment accounts report, including rows 4 and 5, in accordance with SUP 16.22.5D to SUP 16.22.10R, even if it has not been designated under regulation 21 of the Payment Accounts Regulations.

Frequency and timing of report

The payment accounts report required by SUP 16.22.3D and SUP 16.22.4R must be submitted:

(1)
by electronic means made available by the FCA;
(2)
in the format set out in SUP 16 Annex 41AD; notes for the completion of the report are set out in SUP 16 Annex 41BG; and
(3)
within two months of the end of the relevant reporting period.

The first reporting period is the period commencing on 18 September 2016 and ending on 28 February 2018.

Subsequent reporting periods are consecutive periods of two years commencing on 1 March 2018 and on 1 March every other year thereafter.

For example, the second reporting period commences on 1 March 2018 and ends on 29 February 2020 and the third reporting period commences on 1 March 2020 and ends on 28 February 2022.

SUP 16.3.11R (Complete reporting) and SUP 16.3.13R (Timely reporting) apply to the submission of payment accounts reports under this section as if a reference to firm in those rules were a reference to payment service provider.

SUP 16.3.14R (Failure to submit reports) applies to the submission of payment accounts reports under this section as if a reference to firm in that rule were a reference to payment service provider.