The Payment Accounts Regulations 2015

  1. Introductory Text

  2. PART 1 Introductory provisions

    1. 1.Citation and commencement

    2. 2.Interpretation

  3. PART 2 Comparability of fees connected with payment accounts

    1. 3.Publication of the linked services list

    2. 4.Periodic review of the linked services list

    3. 5.Revision of the linked services list

    4. 6.Glossary

    5. 7.Information for consumers

    6. 8.Fee information document

    7. 9.Availability of fee information document and glossary

    8. 10.Statement of fees

    9. 11.Branding

    10. 12.The comparison website

    11. 13.Payment accounts packaged with another product or service

  4. PART 3 Switching

    1. 14.Provision of the switching service

    2. 15.Alternative arrangements

    3. 16.Designation of alternative arrangements etc.

    4. 17.Facilitation of cross-border account opening for consumers

  5. PART 4 Access to payment accounts

    1. 18.Non-discrimination in the provision of payment accounts

    2. 19.Payment account with basic features

    3. 20.Fees

    4. 21.Designated credit institutions

    5. 22.Duty to offer a payment account with basic features

    6. 23.Eligibility criteria

    7. 24.Timescale for opening a payment account with basic features

    8. 25.Refusal of application

    9. 26.Framework contracts and termination

    10. 27.General information on payment accounts with basic features

  6. PART 5 The Authority

    1. 28.Monitoring and enforcement

    2. 29.Reporting requirements

    3. 30.Power to direct payment service providers

    4. 31.Power of direction: procedure

    5. 32.Right to refer matters to the Tribunal

    6. 33.Public censure – payment service providers

    7. 34.Financial penalties – payment service providers

    8. 35.Disciplinary powers

    9. 36.Proposal to take disciplinary measures

    10. 37.Financial penalties – general

    11. 38.Injunctions

    12. 39.Costs of supervision

    13. 40.Guidance

    14. 41.Authority’s exemption from liability in damages

    15. 42.Application and modification

  7. PART 6 Evaluation and review

    1. 43.Evaluation

    2. 44.Review

  8. Signature

    1. SCHEDULE 1

      Content and presentational format of the fee information document

      1. 1.Compliance with implementing technical standards

      2. 2.Content

      3. 3.Packages of services

      4. 4.Presentational format

    2. SCHEDULE 2

      Content and presentational format of the statement of fees

      1. 1.Compliance with implementing technical standards

      2. 2.Content

      3. 3.Mandatory information

      4. 4.Presentational format

    3. SCHEDULE 3

      Switching service

      1. 1.Interpretation

      2. 2.Authorisation

      3. 3.Request from the receiving payment service provider

      4. 4.Tasks for the transferring payment service provider

      5. 5.Tasks for the receiving payment service provider

      6. 6.Fees connected with the switching service

      7. 7.Financial loss for consumers

      8. 8.Information about the switching service

    4. SCHEDULE 4

      Designation of alternative arrangements etc.

      1. 1.Interpretation

      2. 2.Application for designation

      3. 3.Issuing the designation certificate

      4. 4.Application fee

      5. 5.Annual fee

      6. 6.Cancellation of designation

      7. 7.Provision of information in respect of alternative arrangements

      8. 8.Directions

      9. 9.Penalties

      10. 10.Warning notices

      11. 11.Injunctions

      12. 12.Appeals against refusal or cancellation

      13. 13.Exemption from liability in damages

      14. 14.Publication of information and advice

    5. SCHEDULE 5

      Fees connected with alternative arrangements etc.

      1. 1.Interpretation

      2. 2.Application

      3. 3.Fees connected with the alternative arrangement

      4. 4.Financial loss for consumers

      5. 5.Information about the alternative arrangement

    6. SCHEDULE 6

      Designated credit institutions

      1. 1.Factors to be taken into account

      2. 2.Procedure

      3. 3.Cancellation

    7. SCHEDULE 7

      Application and modification of legislation

      1. PART 1 Application and modification of the Act

        1. 1.The Tribunal

        2. 2.Information gathering and investigations

        3. 3.Restriction on disclosure of information

        4. 4.Warning notices and decision notices

        5. 5.Misleading the Authority

        6. 6.Institution of proceedings

        7. 7.Limitation on power to require documents

      2. PART 2 Application and modification of secondary legislation

        1. 8.The Financial Services and Markets Act 2000 (Service of Notices) Regulations 2001

        2. 9.The Financial Services and Markets Act 2000 (Disclosure of Confidential Information) Regulations 2001

  10. Explanatory Note