Information subsequent to a relevant transfer5.

(1)

An institution which has accepted a cross-border credit transfer order relating to a relevant transfer shall, before the end of—

(a)

the period of one month beginning with the commencement date, or

(b)

if it has agreed some other period with the originator, that period,

supply to the originator in writing and in a readily comprehensible form the information specified in paragraph (2), unless the originator has expressly waived his right to receive it.

(2)

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

(a)

a reference enabling the originator to identify the relevant transfer;

(b)

the amount of the funds transferred before deduction of any charges, commissions or fees payable by the beneficiary;

(c)

the amount of all charges, commissions and fees payable by the originator;

(d)

any value date applied by the institution; and

(e)

the exchange rate used by the institution in effecting any conversion from one EEA currency to another for the purposes of carrying out the relevant transfer.

(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.

(4)

An institution which has made available to the beneficiary of a relevant transfer the funds so transferred shall, before the end of—

(a)

the period of one month beginning with the day on which the funds transferred are credited to the institution, or

(b)

if it has agreed some other period with the beneficiary, that period,

supply to the beneficiary in writing and in a readily comprehensible form the information specified in paragraph (5), unless the beneficiary has expressly waived his right to receive it.

(5)

The information referred to in paragraph (4) is the following—

(a)

a reference enabling the beneficiary to identify the relevant transfer;

(b)

the amount of the funds transferred before deduction of any charges, commissions or fees payable by the beneficiary;

(c)

the amount of all charges, commissions and fees payable by the beneficiary;

(d)

any value date applied by the institution; and

(e)

the exchange rate used by the institution in effecting any conversion from one EEA currency to another for the purposes of carrying out the relevant transfer.

(6)

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

(7)

An institution shall be deemed to have complied with paragraph (1) or, as the case may be, paragraph (4) if, within the period specified therein—

(a)

it has sent to its customer at his last-known address the information required to be supplied by it to him; or

(b)

if it does not have an address for its customer, it has made arrangements to make the information available to him upon request.