43.—(1) The Treasury must provide the European Commission with information on the following for the first time by 18th September 2018 and thereafter at intervals not exceeding two years:
(a)compliance by payment service providers with regulations 6 to 11;
(b)compliance by the [F1Money and Pensions Service] with the requirements of regulation 12;
(c)the number of payment accounts that have been switched;
(d)the proportion of applications for switching that have been refused;
(e)the number of credit institutions offering payment accounts with basic features;
(f)the number of payment accounts with basic features that have been opened; and
(g)the proportion of applications for payment accounts with basic features that have been refused.
(2) The Authority must gather the information referred to in paragraph (1)(a) and (c) to (g) and supply it to the Treasury at least two months before the Treasury has to supply the information to the European Commission.
Textual Amendments
F1Words in reg. 43(1)(b) substituted (6.4.2019) by The Financial Guidance and Claims Act 2018 (Naming and Consequential Amendments) Regulations 2019 (S.I. 2019/383), reg. 1(1), Sch. para. 27(d)
44.—(1) The Treasury must from time to time—
(a)carry out a review of these Regulations;
(b)set out the conclusion of the review in a report; and
(c)publish the report.
(2) In carrying out the review the Treasury must, so far as is reasonable, have regard to how the Payment Accounts Directive (which is implemented by means of these Regulations) is implemented in other member States.
(3) The report must in particular—
(a)set out the objectives intended to be achieved by the regulatory system established by these Regulations;
(b)assess the extent to which those objectives are achieved; and
(c)assess whether those objectives remain appropriate and if so, the extent to which they could be achieved by a system which involves less onerous regulatory provision.
(4) The first report must be published before 18th September 2021.
(5) Subsequent reports must be published at intervals not exceeding five years.