Do the Principles for Businesses (the Principles) apply?
The Principles do not apply to payment service providers unless they are also carrying on an activity regulated under FSMA (for example, accepting deposits or issuing e-money). For firms that are subject to the Principles, they do not apply to the extent that they conflict with the PSRs. For example, there may be circumstances in which Principle 6 – ‘A firm must pay due regard to the interests of its customers and treat them fairly’ – may be limited by the conduct of business obligations applied by the PSD to credit institutions and authorised e-money issuers.
