The Payment Accounts Regulations 2015

Regulation 10(4)

SCHEDULE 2 Content and presentational format of the statement of fees

Compliance with implementing technical standards

1.  The statement of fees must comply with the requirements of any implementing technical standards adopted by the European Commission under Article 5(4) of the Payment Accounts Directive regarding a standardised presentational format of the statement of fees and its common symbol.

Content

2.  The statement of fees must—

(a) state all fees incurred during the relevant period for services linked to a payment account;

(b) where applicable, use the terms featured in the linked services list; and

(c) be accurate, not misleading, and expressed in the currency of the payment account or, if agreed by the consumer and the payment service provider, in another currency.

Mandatory information

3.—(1) The statement of fees must specify at least the following information—

(a) the unit fee charged for each service and the number of times the service was used during the relevant period;

(b) where the services are combined in a package—

(i) the fee charged for the package as a whole;

(ii) the number of times the package fee was charged during the relevant period; and

(iii) the additional fee charged for any service exceeding the quantity covered by the package fee;

(c) the total amount of fees incurred during the relevant period for—

(i) each service;

(ii) each package of services; and

(iii) services exceeding the quantity covered by the package fee;

(d) the overdraft and overunning interest rate or rates applied to the payment account during the relevant period;

(e) the total amount of interest charged relating to the overdraft and overrunning during the relevant period;

(f) the credit interest rate or rates applied to the payment account during the relevant period;

(g) the total amount of interest earned during the relevant period; and

(h) the total amount of fees charged for all services provided during the relevant period.

(2) In this paragraph—

“overrunning” means a tacitly accepted overdraft whereby a payment service provider makes available to a consumer funds which exceed the current balance in the consumer’s payment account or any overdraft facility; and

“relevant period” means the period to which the statement of fees relates.

Presentational format

4.  The statement of fees must—

(a) be presented and laid out in a way that is clear and easy to read, using characters of a readable size;

(b) be written in English, or if agreed by the consumer and the payment service provider, in another language; and

(c) contain the title “statement of fees” at the top of the first page of the statement next to the common symbol referred to in paragraph 1 to distinguish the document from other documentation.