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The Payment Accounts Regulations 2015

Draft. This instrument was laid in draft and may differ from the one made. Look for the made version under its title.

Draft 2015, ISBN 9780111140697

Original text. legislation.gov.uk does not revise statutory instruments, so later amendments are not shown here. Changes made to it are listed under each provision when known.

Draft Regulations laid before Parliament under paragraph 2(2) of Schedule 2 to the European Communities Act 1972, for approval by resolution of each House of Parliament.

Financial Services And Markets

Made ***

Coming into force in accordance with regulation 1(2)

The Treasury are designatedf1 for the purposes of section 2(2) of the European Communities Act 1972f2 in relation to financial services.

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

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.

Annotations to the whole text

Footnotes

f1

S.I. 2012/1759.

f2

1972 c. 68. Section 2(2) was amended by section 27(1)(a) of the Legislative and Regulatory Reform Act 2006 (c.51) and the European Union (Amendment) Act 2008 (c.7), Schedule, Part 1. By virtue of the amendment of section 1(2) by section 1 of the European Economic Area Act 1993 (c.51) regulations may be made under section 2(2) of the European Communities Act to implement obligations of the United Kingdom created or arising by or under the Agreement on the European Economic Area signed at Oporto on 2nd May 1992 (Cm 2073) and the Protocol adjusting the Agreement signed at Brussels on 17th March 1993 (Cm 2183).

Contents

  1. Part 1: Introductory provisions
  2. 1Citation and commencement
  3. 2Interpretation
  4. Part 2: Comparability of fees connected with payment accounts
  5. 3Publication of the linked services list
  6. 4Periodic review of the linked services list
  7. 5Revision of the linked services list
  8. 6Glossary
  9. 7Information for consumers
  10. 8Fee information document
  11. 9Availability of fee information document and glossary
  12. 10Statement of fees
  13. 11Branding
  14. 12The comparison website
  15. 13Payment accounts packaged with another product or service
  16. Part 3: Switching
  17. 14Provision of the switching service
  18. 15Alternative arrangements
  19. 16Designation of alternative arrangements etc.
  20. 17Facilitation of cross-border account opening for consumers
  21. Part 4: Access to payment accounts
  22. 18Non-discrimination in the provision of payment accounts
  23. 19Payment account with basic features
  24. 20Fees
  25. 21Designated credit institutions
  26. 22Duty to offer a payment account with basic features
  27. 23Eligibility criteria
  28. 24Timescale for opening a payment account with basic features
  29. 25Refusal of application
  30. 26Framework contracts and termination
  31. 27General information on payment accounts with basic features
  32. Part 5: The Authority
  33. 28Monitoring and enforcement
  34. 29Reporting requirements
  35. 30Power to direct payment service providers
  36. 31Power of direction: procedure
  37. 32Right to refer matters to the Tribunal
  38. 33Public censure – payment service providers
  39. 34Financial penalties – payment service providers
  40. 35Disciplinary powers
  41. 36Proposal to take disciplinary measures
  42. 37Financial penalties – general
  43. 38Injunctions
  44. 39Costs of supervision
  45. 40Guidance
  46. 41Authority’s exemption from liability in damages
  47. 42Application and modification
  48. Part 6: Evaluation and review
  49. 43Evaluation
  50. 44Review
  51. Signature
  52. Schedule 1: Content and presentational format of the fee information document
  53. 1Compliance with implementing technical standards
  54. 2Content
  55. 3Packages of services
  56. 4Presentational format
  57. Schedule 2: Content and presentational format of the statement of fees
  58. 1Compliance with implementing technical standards
  59. 2Content
  60. 3Mandatory information
  61. 4Presentational format
  62. Schedule 3: Switching service
  63. 1Interpretation
  64. 2Authorisation
  65. 3Request from the receiving payment service provider
  66. 4Tasks for the transferring payment service provider
  67. 5Tasks for the receiving payment service provider
  68. 6Fees connected with the switching service
  69. 7Financial loss for consumers
  70. 8Information about the switching service
  71. Schedule 4: Designation of alternative arrangements etc.
  72. 1Interpretation
  73. 2Application for designation
  74. 3Issuing the designation certificate
  75. 4Application fee
  76. 5Annual fee
  77. 6Cancellation of designation
  78. 7Provision of information in respect of alternative arrangements
  79. 8Directions
  80. 9Penalties
  81. 10Warning notices
  82. 11Injunctions
  83. 12Appeals against refusal or cancellation
  84. 13Exemption from liability in damages
  85. 14Publication of information and advice
  86. Schedule 5: Fees connected with alternative arrangements etc.
  87. 1Interpretation
  88. 2Application
  89. 3Fees connected with the alternative arrangement
  90. 4Financial loss for consumers
  91. 5Information about the alternative arrangement
  92. Schedule 6: Designated credit institutions
  93. 1Factors to be taken into account
  94. 2Procedure
  95. 3Cancellation
  96. Schedule 7: Application and modification of legislation
  97. Part 1: Application and modification of the Act
  98. 1The Tribunal
  99. 2Information gathering and investigations
  100. 3Restriction on disclosure of information
  101. 4Warning notices and decision notices
  102. 5Misleading the Authority
  103. 6Institution of proceedings
  104. 7Limitation on power to require documents
  105. Part 2: Application and modification of secondary legislation
  106. 8The Financial Services and Markets Act 2000 (Service of Notices) Regulations 2001
  107. 9The Financial Services and Markets Act 2000 (Disclosure of Confidential Information) Regulations 2001
  108. Explanatory note