We expect firms to ensure that customers are not penalised or treated unfairly for a situation that they are not responsible for and that is out of their control. For example, we would encourage firms to communicate clearly with their impacted customers about what action, if any, they need to take, and for firms to review any late fees and penalties imposed in relation to failed payments resulting from an interruption in services provided by PacNet Group companies.
Two firms within the PacNet Group – PacNet Services Ltd and UK Counting House Ltd – are authorised by us as payment institutions.
We are considering what action may be appropriate and are in contact with the regulated firms to understand and assess the implications that this action will have for firms and consumers. We are not involved in the Department of the Treasury’s action against PacNet Group.