The Cross-Border Credit Transfers Regulations 1999

Prior information on relevant transfers

3.—(1) An institution which holds itself out as—

(a) accepting instructions to initiate the carrying out of relevant transfers, or

(b) willing to make available to the beneficiaries of relevant transfers the funds so transferred.

shall make available to its actual and prospective customers, in writing and in a readily comprehensible form, information concerning the terms upon which its provides services in relation to such transfers, including the information specified in paragraph (2).

(2) The information referred to in paragraph (1) is the following—

(a) where the institution holds itself out as accepting instructions to initiate the carrying out of relevant transfers, an indication of the time taken from the commencement date for the funds transferred to be credited to the beneficiary’s institution;

(b) where the institution holds itself out as willing to make available to the beneficiaries of relevant transfers the funds so transferred, an indication of the time taken, upon those funds being credited to the institution, for the funds to be made available to the beneficiary;

(c) an indication of any value date applied by the institution;

(d) an indication of the exchange rates used by the institution in effecting any conversion from one EEA currency to another for the purposes of carrying out a relevant transfer;

(e) the manner in which any commissions, fees and charges payable by a customer to the institution in connection with the carrying out of a relevant transfer are calculated; and

(f) details of the complaints and redress procedures available to the customer and how those procedures may be initiated by the customer.

(3) If an institution fails without reasonable excuse to comply with paragraph (1) it shall be guilty of an offence and liable on summary conviction to a fine not exceeding level 4 on the standard scale.