The Consumer Duty

The Consumer Duty is a new FCA principle of business (Principle 12), which requires firms like Volt to act in the best interests of retail customers. In this context, “retail customers” refers to payment service users (“PSUs” or “end users”) who are the end-users of our regulated PIS (payment) and AIS (data) services.

Our relationship with PSUs at Volt is limited to providing regulated AIS/PIS services relying on our own and partner licenses. Volt does not have a commercial relationship with end-users, nor do we directly market our services to them. However, Volt strives to provide services and products that achieve best possible outcomes for PSU, specifically:

  • Products and services must meet the needs, characteristics, and objectives of the target market
    • We ensure our communications, such as our end-user terms, are clear, fair, and not misleading, as well as regulated AIS/PIS services, does not result in foreseeable harm and supports PSUs in achieving their financial goals.
    • Volt ensures that the target market is appropriate for the end-user offering, taking into account any vulnerabilities or risks that may affect certain end-users.
    • We are committed to continuously improving the value we offer our end-users by reviewing our existing product suite and introducing new ones. We will ensure that our products align with the Duty and appreciate any observations our end-users have regarding their functionality and quality.
    • We will take reasonable steps to prevent our end-users from experiencing harm or being misled by our products or services. We will identify and mitigate any potential conflicts of interest that may arise and ensure that our incentives are aligned with the end-user’s best interests.
  • Products and services must provide fair value
    • We ensure that the products and services we offer provide fair value in relation to the price paid for the benefits received.
    • We recognize the importance of our PSUs financial well-being. We will consider the potential impact of our products and services on PSUs overall financial situation and provide guidance to help them make sound financial decisions.
  • Communications should help end-users make informed decisions by being clear, fair, and not misleading
  • Support to end-users
    • We will communicate with PSUs in a clear and understandable manner. We will provide our end-users with accurate, balanced, and timely information, including all costs, charges, and risks associated with our products and services.
    • We have a robust complaints handling process in place. If you have any concerns or complaints, we will investigate them promptly, fairly, and impartially. We are committed to resolving any issues and providing appropriate remedies where necessary.

If you have any questions regarding Consumer Duty, please contact us at