Upcoming changes to credit and debit card charges - Are you ready?

You may not be aware that from 13 January 2018, you will no longer be able to pass on to a client the cost charged to you by the card provider for accepting card payments.

This change has been put in place following the implementation of the EU Payment Services Directive.

More detail can be seen at - https://www.gov.uk/government/news/rip-off-card-charges-to-be-outlawed

You will need to review your Client TOBA or other disclosure documents to ensure that any reference to card charges are removed.

Should you have any questions, please contact the team at RWA.

Terence Clark

About the author

Terence has over 35 years' experience in the Financial Services environment, covering general insurance, investments and mortgages.

Before joining RWA, Terence worked for a large PLC insurance brokerage in Manchester, overseeing some 20 acquisitions. He served as Compliance Director at RWA from 2011 to 2018 and has worked with insurance broking firms of all sizes across the UK. He has a particular interest in Financial Crime and the protecting the insurance broker. Terence previously served as Executive Chairman of the Association of Professional Compliance Consultants (APCC), the professional body for the compliance consultancy sector.

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