Service providers are required to provide you with a range of information. The information can be provided by a number of means – paper, e-mail, text or made available by a link to a secure website.
The information required to be provided depends on whether it is a one-off transaction or a contract for regular transactions, i.e. a framework contract.
If you enter into a framework contract for regular transactions the service provider should provide details of the following:
- Name of the Service provider;
- The payment service itself i.e. characteristics, account number etc.
- Charges, interest and exchange rates;
- Communication methods;
- Safeguarding and corrective measures;
- Duration of the contract, variation of terms and termination;
- Complaints procedures.
Where the transaction is simply a one-off and relates to only one particular transaction, the service provider should provide details of the following:
- The information required in order to process the transaction;
- Timeframes for transaction to be processed;
- Charges applicable;
- Exchange rate used (if any).