New credit card laws effective Nov. 1


New credit card lawsAdvice on the upcoming entry of the EU Payment Services Directive (PSD) into UK law has been published by the Payments Council.

The industry group has provided a guidance document for firms affected by the change, including credit card providers.

A publication aimed at improving consumer awareness about the changes is also currently being prepared.

The PSD will become legally binding in the UK through the Payment Services Regulations (PSRs).

Originally, the rules were aimed to increase the harmonisation of payment regulations across all EU member states, as well as making the industry more competitive.

Commenting on the new guidance, Rosalind Sellers at the Payments Council said: "Lots of us as personal customers have been receiving revised copies of terms and conditions for our different payment accounts and this is all to ensure [the firms] comply with these new requirements. We've focussed on a number of specific requirements where we could add value with practical guidance."

As well as credit cards, personal loans and debit cards will also be affected by the PSR changes, which come into effect on November 1.

Published: 19 October 2009