Paragraph 3 Fees connected with the alternative arrangement
At the request of a consumer, a participating payment service provider must provide the consumer free of charge with details of any standing orders and direct debits applicable to the accounts that the consumer holds with it.
Any fee payable by the consumer applied by a participating payment service provider in respect of the termination of a framework contract for the payment account held with that participating payment service provider must be determined in accordance with F1regulation 51 (termination of framework contract) of the Payment Services Regulations.
Any fee charged to a consumer by a participating payment service provider for any service provided in connection with the switching of a payment account must be—
reasonable; and
no more than the actual costs to the participating payment service provider of providing the relevant service.
Annotations
Textual amendments
- F1
Words in Sch. 5 para. 3(2) substituted (13.1.2018) by The Payment Services Regulations 2017 (S.I. 2017/752), reg. 1(6), Sch. 8 para. 25(e) (with reg. 3)
Notes on the whole SI
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)