What documentation must firms provide to payment services users (PSUs) according to the PSRs?

The requirement for firms to provide pre- and post-contract information about payments to payment services users (PSUs) is crucial for ensuring transparency and informed decision-making in the payment services industry. This obligation stems from the Payment Services Regulations (PSRs), which aim to protect consumers and foster trust in financial transactions.

Pre-contract information typically includes details about the terms and conditions of the payment services being offered, associated fees, the rights and obligations of both the firm and the PSU, and other relevant details necessary for the PSU to understand before entering into an agreement. Post-contract information may involve confirmation of the transaction, ongoing service details, and how to access support or resolve disputes.

By mandating this level of detail, the PSRs seek to empower PSUs, allowing them to make well-informed choices regarding payment services and contribute to a more competitive marketplace. This foundation supports the broader goals of regulatory frameworks that prioritize consumer protection and financial literacy. Other options like company profiles or financial statements, annual regulatory compliance reports, and product warranties do not specifically address the immediate informational needs of PSUs regarding payment services, making them less relevant in this context.