Modulr: Consumer Duty Explained Factsheet

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Summary

This fact sheet provides an overview of Modulr's electronic money and payment services offered to clients introduced through Calmony.

It explains that Modulr is an Electronic Money Institution, not a bank, and details how Modulr Payment Accounts work, including account opening, making/receiving payments, and safeguarding funds.

The document covers key aspects of the client's contract with Modulr, such as account access, security measures, and the process for ending the contract.

Additionally, it outlines new rules effective October 7, 2024, regarding reimbursement rights for victims of Authorised Push Payment (APP) scams, including eligibility criteria, claim limits, and exceptions.

The fact sheet aims to clarify Modulr's services, client responsibilities, and consumer protections in a clear, accessible format.