Code 15 comes into force today
15th Code of Practice now in force!
Today, the PSA formally launces the 15th Code of Practice. Code 15 represents a significant shift in regulation. Through Code 15, the PSA intend to raise standards in the market, prevent harm in the first place, enable simpler compliance and, where necessary, enforce smarter.
Today, the PSA are also launching a number of changes to the website to help industry stay compliant:
1. Integrated Guidance with the Code. Code 15 is intended to be easier to comply with
As part of this, there is a fully interactive version of the Code online, with relevant Guidance integrated within it. So, if for example you’re looking at the Transparency Standard, you’ll find relevant sections of the Guidance alongside the Standard.
|We've integrated relevant Guidance into the interactive Code so it's easier to navigate. Look out for the yellow Guidance-tagged dropdowns.|
The full range of Code and Guidance documents is available to download as pdf as well.
2. Updated Registration systems.
Networks, intermediaries and merchants are now required to provide contacts details of individuals responsible for certain aspects of compliance. For example, intermediaries need to provide contact details of the person with primary responsibility for due diligence, risk assessment and control. There are dedicated fields in the system for providers to do this.
|You are now required to provide more information at registration.|
3. Changed the Adjudications section of our website to Regulatory decisions
In the interest of transparency and good regulation, the adjudications sections of the website has been expanded to include further information about existing Enforcement activities. Tribunals outcomes will continue to be published here. In addition, Warning Letters and Action plans will be published here where it is considered necessary and proportionate, and where relevant providers have had the opportunity to make representations.
A list of newly opened Enforcement cases (which includes prohibitions cases for named individuals) will also be published here. By the end of the April, we intend to backdate this list to include ongoing and existing Code 14 Track 2 cases as these will now follow Code 15 Procedures. The Regulatory decisions section of the website can be found from the main menu.
|Changed the 'Adjudications' section of our website to 'Regulatory decisions'.|
4. Improved our Due Diligence Reports
Due Diligence Reports have been broadened to enable more effective risk assessment. Reports will now include:
- allocated Enforcement cases
- adjudications and settlements
- outcomes of Engagement process, including Warning Letters and Action Plans, where appropriate
- information about active phone-paid services
- information about responsible persons and their related organisations histories.
For more information about the Code, see the dedicated pages on the website. There are also recordings of the Code 15 industry seminars online In addition, providers can email our compliance team if they have questions about your requirements, need clarification or want to discuss tailoring regulation in the interest of consumers.