The Consumer Duty

In the UK, the Consumer Duty is an FCA principle for business (Principle 12), which requires firms like Volt to conduct their business to a standard which ensures an appropriate level of protection for retail customers. In this context, “retail customers” refers to:

  • Payment service users (“PSUs” or “end users”) who are the end-users of Volt open banking services; and
  • Micro-enterprises (businesses employing less than 10 people and with annual turnover less than EUR 2 million) and charities with an annual income of less than £1 million that are customers of our virtual account products and services (“merchants”).

Our relationship with PSUs at Volt is limited to providing open banking services relying on either our own or partners’ licences. Volt does not have a commercial relationship with end-users, nor do we directly market our services to them.

Volt strives to provide services and products that achieve the best outcomes for retail customers, specifically:

  • Products and services that meet the needs, characteristics, and objectives of the target market
    • We ensure that our products and services are designed effectively to meet the needs of our customers.
    • We will take reasonable measures to prevent retail customers from experiencing harm or being misled by our products or services. We will identify and mitigate potential issues or poor outcomes and ensure we are aligned with the best interests of our customers
  • Products and services that provide fair value
    • We ensure that the products and services we offer provide fair value in relation to the price paid for the benefits and services received.
    • Fees and charges are transparently disclosed and communicated to customers both at the outset and throughout the use of the product and services.
    • We are committed to continuously improving the value we provide to our customers by reviewing and enhancing our product suite. We will ensure that our products align with the Duty and welcome any observations our customers have regarding their functionality and quality.
  • Enabling customers to make well-informed decision and ensure clear understanding of Volt products and services
    • Tailored communications that are clear, fair, and not misleading help customers make informed decisions and understand our products and services.
    • We ask end users to accept Volt’s current End User Terms and Privacy Notice when they agree to use our open banking services.
    • We offer merchants tailored business solutions and provide a clear Merchant Services Agreement prior to implementation.
    • We offer a resource centre for our customers which provides essential guides and documentation about Volt’s products and services.
  • Customer Support that meets Customers’ needs
    • Volt provides customer services both to end users and merchants. The primary channel of communication is via support@volt.io. We operate between 9am and 5pm CET time.

If you have any questions regarding Consumer Duty, please contact us at support@volt.io.