BCOBS 7.4 Replacing a debit card

Time taken to replace a stolen, lost or stopped debit card

BCOBS 7.4.1R
  1. (1)

    1This rule applies to information about the time it takes a firm to replace a debit card which has been lost, stolen or stopped.

  2. (2)

    The firm must publish the following information about debit cards replaced in the relevant current account measurement period (see BCOBS 7.7.1R):

    1. (a)

      the percentage of debit cards which the firm replaced on the same day;

    2. (b)

      the average number of days the firm took to replace a debit card; and

    3. (c)

      the number of days within which the firm replaced 99% of the debit cards it replaced.

  3. (3)

    The firm must publish the information:

    1. (a)

      in the format specified in Table 8 of BCOBS 7 Annex 1R; and

    2. (b)

      on the same webpage as, and immediately below, the information published under BCOBS 7.3.5R.

  4. (4)

    For the purposes of this rule:

    1. (a)

      the time taken is to be counted from the earlier of the day on which:

      1. (i)

        the debit card is reported to the firm as lost or stolen; and

      2. (ii)

        the firm stopped the debit card for any other reason; and

    2. (b)

      a debit card is to be treated as replaced only when both the card and (where relevant) personal identification number have been issued to the banking customer.

BCOBS 7.4.2G
  1. (1)

    1The time taken to issue a replacement debit card need not include activation of the card. Firms are not required to measure the time taken to replace a card on expiry of the card.

  2. (2)

    Firms are reminded that regulation 71(6) of the Payment Services Regulations requires a payment service provider to allow the use of the payment instrument or replace it with a new payment instrument “as soon as practicable” after the reasons for stopping its use cease to exist.