Our Customer Charter reinforces the key principles of the PIF Code of Conduct and brings them to the customer:
- To promote and demonstrate fairness and clarity to customers and end-users
- To operate in a manner compliant with regulations
- To encourage sound business practice
- To maintain and enhance the reputation of the industry
What does this Customer Charter cover?
It outlines what customers should expect from our members. By becoming a member of PIF, our members are expected to subscribe to this Customer Charter.
All references to a “prepaid card” means any product (physical or virtual) including without limitation a prepaid card, account, digital wallet, e-voucher or code.
What does the Customer Charter mean for customers?
1. Applying for or purchasing a prepaid card:
Our members should always ensure that the application process for customers is simple, timely and accessible.
When customers are asked for information to prove their identity, our members are expected to have processes in place to ensure that customers understand why and how the details they provide will be held and used.
Terms and conditions relating to the product customers are applying for should be made available to them, generally supported by a comprehensive set of FAQs which address all the key issues such as consumer protection.
All charges and fees should be shown clearly and accurately in marketing materials and terms and conditions. This should include any charges, fees and key conditions giving customers a genuine opportunity to see key material information before they commit.
Customers should be provided with clear details of how any changes to prices and tariffs will be advised to them.
Terms and conditions should indicate whether the prepaid product has an expiry date.
Members should advise customers of their protection in certain circumstances. This information should be shown in the product literature or terms and conditions. Before customers commit to a prepaid card they should know the answers to the following questions:
- What happens if my card is lost or stolen?
- Will I lose my money if the card is not used?
- What happens when I purchase something that goes wrong?
- If there is customer protection do I have to opt in or out?
- What happens if my issuer stops trading?
2. Customer use of a prepaid card:
Our members should provide their customers with a means to know the balance on their card, either by text, telephone, online or when they load funds onto their card.
Customer help-desk contact details should be shown clearly on the prepaid card and/or product literature.
Customers should be advised of how and when to inform you of changes in personal circumstances such as a change of address.
Our members are expected to have procedures in place to ensure that any complaints customers have about their prepaid card are handled promptly. Information on how to make a complaint and how customer complaints will be handled should be provided in the product literature or terms and conditions.
PIF does not represent customers or members of PIF in any legal or other dispute and cannot be held liable for any advice. The information provided in this Customer Charter is for guidance purposes only and should not be construed as legal or any other professional advice. No responsibility will be accepted by PIF or its members for any loss incurred by any individual acting or not acting as a result of any information provided in this document.