OpenLegislation

The Payment Accounts Regulations 2015

S.I. 2015/2038 · Made 15 December 2015

Up to date with all changes known to legislation.gov.uk, revised to 28 April 2026.

Financial Services And Markets

Made 15th December 2015

Coming into force in accordance with regulation 1(2)

F1The 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.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.

Annotations to the whole text

Textual amendments

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

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)

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  7. 5Revision of the linked services list Repealed
  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 Repealed
  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. 40ATechnical standards Repealed
  47. 41Authority’s exemption from liability in damages
  48. 42Application and modification
  49. Part 6: Evaluation and review
  50. 43Evaluation
  51. 44Review Repealed
  52. Signature
  53. Schedule 1: Content and presentational format of the fee information document
  54. 1Compliance with implementing technical standards
  55. 2Content
  56. 3Packages of services
  57. 4Presentational format
  58. Schedule 2: Content and presentational format of the statement of fees
  59. 1Compliance with implementing technical standards
  60. 2Content
  61. 3Mandatory information
  62. 4Presentational format
  63. Schedule 3: Switching service
  64. 1Interpretation
  65. 2Authorisation
  66. 3Request from the receiving payment service provider
  67. 4Tasks for the transferring payment service provider
  68. 5Tasks for the receiving payment service provider
  69. 6Fees connected with the switching service
  70. 7Financial loss for consumers
  71. 8Information about the switching service
  72. Schedule 4: Designation of alternative arrangements etc.
  73. 1Interpretation
  74. 2Application for designation
  75. 3Issuing the designation certificate
  76. 4Application fee
  77. 5Annual fee
  78. 6Cancellation of designation
  79. 7Provision of information in respect of alternative arrangements
  80. 8Directions
  81. 9Penalties
  82. 10Warning notices
  83. 11Injunctions
  84. 12Appeals against refusal or cancellation
  85. 13Exemption from liability in damages
  86. 14Publication of information and advice
  87. Schedule 5: Fees connected with alternative arrangements etc.
  88. 1Interpretation
  89. 2Application
  90. 3Fees connected with the alternative arrangement
  91. 4Financial loss for consumers
  92. 5Information about the alternative arrangement
  93. Schedule 6: Designated credit institutions
  94. 1Factors to be taken into account
  95. 2Procedure
  96. 3Cancellation
  97. Schedule 7: Application and modification of legislation
  98. Part 1: Application and modification of the Act
  99. 1The Tribunal
  100. 2Information gathering and investigations
  101. 3Restriction on disclosure of information
  102. 4Warning notices and decision notices
  103. 5Misleading the Authority
  104. 6Institution of proceedings
  105. 7Limitation on power to require documents
  106. Part 2: Application and modification of secondary legislation
  107. 8The Financial Services and Markets Act 2000 (Service of Notices) Regulations 2001
  108. 9The Financial Services and Markets Act 2000 (Disclosure of Confidential Information) Regulations 2001
  109. Explanatory note