FCA publishes card change undertaking

FCA has published an undertaking from PPRO Financial Limited to make changes to its prepaid card terms and conditions. The Dutch AFM had referred the matter to FCA after it received complaints from customers under the “Consumer Protection Cooperation Directive). As a result, FCA carried out an investigation and found several problems, as a result of which, PPRO has given an undertaking under the Consumer Rights Act, to make changes relating to:

  • charging
  • cooling off
  • right to terminate
  • the redemption and dormancy fees
  • auto-renewal and
  • the jurisdiction clause

The firm agreed it would give 2 months’ notice of the changes to customers and would allow them to terminate their contracts without charge, if they wished to do so as a result of the changes.