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The Payment Accounts Regulations 2015
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There are currently no known outstanding effects for the The Payment Accounts Regulations 2015, Paragraph 2.
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Authorisation
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2.—(1) The receiving payment service provider must perform the switching service upon receipt of an authorisation from the consumer.
(2) In the case of two or more holders of the account, authorisation must be obtained from each of them.
(3) The authorisation must be drawn up in English or in any other language agreed between the parties.
(4) The authorisation must allow the consumer to—
(a)provide specific consent to the performance by the transferring payment service provider of each of the tasks set out in paragraph 3(a) to (f);
(b)provide specific consent to the performance by the receiving payment service provider of each of the tasks referred to in paragraph 5(1)(a) to (g);
(c)specifically identify incoming credit transfers, standing orders for credit transfers and direct debit mandates that are to be switched; and
(d)specify the date from which standing orders for credit transfers and direct debits are to be executed from the payment account opened or held with the receiving payment service provider.
(5) The date specified in accordance with sub-paragraph (4)(d) must be at least six business days after the date on which the receiving payment service provider receives the documents transferred from the transferring payment service provider pursuant to paragraph 4(1)(a).
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