The Payment Accounts Regulations 2015

PART 1Introductory provisions

1Citation and commencement

2Interpretation

PART 2Comparability of fees connected with payment accounts

3Publication of the linked services list

4Periodic review of the linked services list

5Revision of the linked services list

7Information for consumers

8Fee information document

9Availability of fee information document and glossary

10Statement of fees

12The comparison website

13Payment accounts packaged with another product or service

PART 3Switching

14Provision of the switching service

15Alternative arrangements

16Designation of alternative arrangements etc.

17Facilitation of cross-border account opening for consumers

PART 4Access to payment accounts

18Non-discrimination in the provision of payment accounts

19Payment account with basic features

21Designated credit institutions

22Duty to offer a payment account with basic features

23Eligibility criteria

24Timescale for opening a payment account with basic features

25Refusal of application

26Framework contracts and termination

27General information on payment accounts with basic features

PART 5The Authority

28Monitoring and enforcement

29Reporting requirements

30Power to direct payment service providers

31Power of direction: procedure

32Right to refer matters to the Tribunal

33Public censure – payment service providers

34Financial penalties – payment service providers

35Disciplinary powers

36Proposal to take disciplinary measures

37Financial penalties – general

39Costs of supervision

40ATechnical standards

41Authority’s exemption from liability in damages

42Application and modification

PART 6Evaluation and review

SCHEDULE 1Content and presentational format of the fee information document

1Compliance with implementing technical standards

3Packages of services

4Presentational format

SCHEDULE 2Content and presentational format of the statement of fees

1Compliance with implementing technical standards

3Mandatory information

4Presentational format

SCHEDULE 3Switching service

1Interpretation

3Request from the receiving payment service provider

4Tasks for the transferring payment service provider

5Tasks for the receiving payment service provider

6Fees connected with the switching service

7Financial loss for consumers

8Information about the switching service

SCHEDULE 4Designation of alternative arrangements etc.

1Interpretation

2Application for designation

3Issuing the designation certificate

4Application fee

6Cancellation of designation

7Provision of information in respect of alternative arrangements

10Warning notices

12Appeals against refusal or cancellation

13Exemption from liability in damages

14Publication of information and advice

SCHEDULE 5Fees connected with alternative arrangements etc.

1Interpretation

3Fees connected with the alternative arrangement

4Financial loss for consumers

5Information about the alternative arrangement

SCHEDULE 6Designated credit institutions

1Factors to be taken into account

SCHEDULE 7Application and modification of legislation

PART 1Application and modification of the Act

2Information gathering and investigations

3Restriction on disclosure of information

4Warning notices and decision notices

5Misleading the Authority

6Institution of proceedings

7Limitation on power to require documents

PART 2Application and modification of secondary legislation

8The Financial Services and Markets Act 2000 (Service of Notices) Regulations 2001

9The Financial Services and Markets Act 2000 (Disclosure of Confidential Information) Regulations 2001

2015 No. 2038

Financial Services And Markets

The Payment Accounts Regulations 2015

Made15th December 2015

Coming into force in accordance with regulation 1(2)

F1The Treasury are designated1 for the purposes of section 2(2) of the European Communities Act 19722 in relation to financial services.

The Treasury in exercise of the powers conferred by section 2(2) of that Act make the following Regulations.C1

A draft of these Regulations has been laid before and approved by a resolution of each House of Parliament in accordance with paragraph 2(2) of Schedule 2 to that Act.C1

Annotations:

Amendments (Textual)

F1

Regulations revoked (14.12.2023 for the revocation of reg. 44) by Financial Services and Markets Act 2023 (c. 29), s. 86(3), Sch. 1 Pt. 2 (with s. 1(4)); S.I. 2023/1382, reg. 2(c)(xiv)

Modifications etc. (not altering text)

C1

Regulations: power to modify conferred (11.7.2023) by Financial Services and Markets Act 2023 (c. 29), ss. 3, 86(3), Sch. 1 Pt. 2; S.I. 2023/779, reg. 2(d)