- Latest available (Revised)
- Original (As made)
This is the original version (as it was originally made).
20.—(1) Subject to paragraph (2), a credit institution must not charge any fee for the services set out in regulation 19(1) when those services are provided as part of a payment account with basic features.
(2) Where a credit institution provides any service set out in regulation 19(1) to a consumer in a currency other than sterling, the credit institution may charge a fee for that service provided that the fee charged is reasonable.
(3) In determining whether a fee charged pursuant to paragraph (2) is reasonable, regard shall be given to the following criteria—
(a)national income levels;
(b)average fees charged by UK credit institutions in respect of the service.
(4) Where a consumer holding a payment account with basic features—
(a)authorises a payment transaction from the account; and
(b)the payment transaction is not executed as a result of there being insufficient funds available,
the credit institution must not charge the consumer any fee.
(5) Where there has been overrunning on a payment account with basic features, a credit institution must not charge the consumer any fee or any interest.
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Explanatory Memorandum sets out a brief statement of the purpose of a Statutory Instrument and provides information about its policy objective and policy implications. They aim to make the Statutory Instrument accessible to readers who are not legally qualified and accompany any Statutory Instrument or Draft Statutory Instrument laid before Parliament from June 2004 onwards.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
Impact Assessments generally accompany all UK Government interventions of a regulatory nature that affect the private sector, civil society organisations and public services. They apply regardless of whether the regulation originates from a domestic or international source and can accompany primary (Acts etc) and secondary legislation (SIs). An Impact Assessment allows those with an interest in the policy area to understand:
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: