The Prudential Control and Resolution Authority (ACPR), which operates under the Banque de France, issued a statement on 6 April. It stated that “the term ‘neobank’ must necessarily qualify a credit institution”.
The regulator is wary firms are “mislead[ing] users on their actual status” by “wrongly qualify[ing]” their businesses as neobanks.
It puts onus not only on companies, but also on the press, to communicate correct terminology to the public.
