# The Payment Accounts Regulations 2015, Regulation 21: Designated credit institutions


(1) The Treasury must, by giving notice, designate a sufficient number of United Kingdom credit institutions as credit institutions to which the duty in regulation 22 is to apply in order to ensure that—
(a) access to a payment account with basic features is guaranteed for all eligible consumers in the United Kingdom;
(b) distortions of competition are prevented.
(2) Schedule 6 makes provision about the designation of credit institutions for this purpose.

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Source: https://www.legislation.gov.uk/ukdsi/2015/9780111140697/regulation/21 (the official version)
Page: https://openlegislation.uk/draft-payment-accounts-regulations-2015/regulation-21
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.