Guidance
Customer funds: segregation, disclosure to customers and reporting requirements
Customer funds: segregation, disclosure to customers and reporting requirements
Other points - Fees and charges
Fees and charges, for example dormant accounts
Operators may deduct fees or other charges from customer accounts, so long as the fees or charges are in line with the operator’s terms and conditions and are fair and open to the consumer. Fees and charges deducted in this way are not considered to be customer funds once they have been deducted. For example, some operators apply fees to accounts that are dormant according to the operator’s terms and conditions (such as after a period of 12 months of inactivity). Fees and charges on dormant accounts can bring a customer’s balance to zero.
An operator must apply any fees and charges and show the deductions in the customer’s account - in other words, an operator may not give the impression to the consumer that the funds are still available to them unless the funds remain in the operator’s segregated customer accounts.
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Reporting events to the Commission
Last updated: 25 July 2022
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