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The Payment Accounts Regulations 2015

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Statement of fees

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10.—(1) Without affecting the requirements of Part 5 of the Payment Services Regulations, the Consumer Credit (Running-Account Credit Information) Regulations 1983(1) and sections 78(4) (duty to give information to debtor under running-account credit agreement) and 78A(2) (duty to give information to debtor on change of rate of interest) of the Consumer Credit Act 1974, any payment service provider that offers a payment account must provide an annual statement of fees (“statement of fees”) free of charge to all consumers holding a payment account with it.

(2) The method of communication used to provide the statement of fees must be agreed with the consumer and the statement of fees must be provided on paper upon the request of the consumer.

(3) A payment service provider may provide the statement of fees together with information required pursuant to the requirements of the legislation referred to in paragraph (1), so long as the statement is presented and laid out in a way that is easy to read, using characters of a readable size.

(4) Schedule 2 makes further provision regarding the statement of fees.

(2)

Section 78A was inserted by S.I. 2010/1010.

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