PART 3Switching
Facilitation of cross-border account opening for consumers17
1
Where a consumer indicates to a payment service provider located within the United Kingdom with whom that consumer holds a payment account (“the UK payment service provider”) that the consumer wishes to open a payment account with a payment service provider located outside the United Kingdom, but within the European Union, (“the EU payment service provider”), the UK payment service provider must, by a date specified by the consumer—
a
provide the consumer free of charge with—
i
a list of all currently active standing orders for credit transfers and debtor-driven direct debit mandates, where available; and
ii
available information about recurring incoming credit transfers and creditor-driven direct debits executed on the consumer’s payment account in the previous 13 months;
b
transfer any positive balance remaining on the payment account held with the UK payment service provider to the payment account opened or held by the consumer with the EU payment service provider; and
c
without affecting the requirements of regulation 4320 (termination of framework contract) of the Payment Service Regulations, close the payment account held by the consumer with the UK payment service provider.
2
The date specified by the consumer referred to in paragraph (1) must be at least six business days after the UK payment service provider receives the consumer’s request, unless otherwise agreed between the consumer and the UK payment service provider.
3
The requirement in paragraph (1)(b) is only to apply where—
a
the consumer has—
i
requested that the transfer be made;
ii
provided full details of the account opened or held with the EU payment service provider; and
b
there are no outstanding obligations on the account.
4
Where outstanding obligations prevent the UK payment service provider from closing the payment account in accordance with paragraph (1)(c), it must without delay inform the consumer.