The Payment Services Regulations 2009

Changes in contractual information

42.—(1) Subject to paragraph (4), any proposed changes to—

(a) the existing terms of the framework contract; or

(b) the information specified in Schedule 4,

must be communicated by the payment service provider to the payment service user no later than two months before the date on which they are to take effect.

(2) The framework contract may provide for any such proposed changes to be made unilaterally by the payment service provider where the payment service user does not, before the proposed date of entry into force of the changes, notify the payment service provider to the contrary.

(3) Where paragraph (2) applies, the payment service provider must inform the payment service user that—

(a) the payment service user will be deemed to have accepted the changes in the circumstances referred to in that paragraph; and

(b) the payment service user has the right to terminate the framework contract immediately and without charge before the proposed date of their entry into force.

(4) Changes in the interest or exchange rates may be applied immediately and without notice where—

(a) such a right is agreed under the framework contract and the changes are based on the reference interest or exchange rates information on which has been provided to the payment service user in accordance with this Part; or

(b) the changes are more favourable to the payment service user.

(5) The payment service provider must inform the payment service user of any change to the interest rate as soon as possible unless the parties have agreed on a specific frequency or manner in which the information is to be provided or made available.

(6) Any change in the interest or exchange rate used in payment transactions must be implemented and calculated in a neutral manner that does not discriminate against payment service users.