The Payments Association (“TPA”) welcomes the opportunity to respond to the Financial
Conduct Authority’s consultation, CP26/23, Consumer Duty: scope and proportionality,
published on 29 June 2026 and closing on 18 September 2026. TPA represents payment
institutions, electronic money institutions and their service providers across the UK
payments ecosystem, and a significant proportion of our membership is directly affected by
how the Duty applies to payments and e-money business.
This response reflects discussion at a dedicated TPA members’ workshop on CP26/23
kindly hosted by our member Linklaters, together with written submissions from members.
As TPA’s membership spans the full payments and e-money value chain, including
acquirers, issuers, e-money institutions, open banking providers and their advisers, and
holds a correspondingly diverse range of views, this response cannot and does not claim to
represent the position of every member on every question.
We are grateful to the contributors to this response, which has been drafted by Robert
Courtneidge on behalf of TPA’s policy team ahead of the FCA’s closing date. We would also
like to thank the FCA for its continuing engagement with industry throughout this process.
We hope this response supports the shared goal of making the UK the best place in the
world for payments businesses to reside and flourish.
CP26/23 poses 29 questions. Most bear directly on payments and e-money business and
are answered in full below. Questions 24 to 26, which concern the interaction between the
Duty and PROD 3, are aimed primarily at investment product manufacturers; we answer
them briefly and would defer to investment-focused trade bodies for detailed technical
comment.
In accordance with the FCA’s request, The Payments Association confirms that it consents
to being named as a respondent to this consultation, and that this response is not
confidential.
