UK Statutory Instrument SI 2015/2038 United Kingdom

The Payment Accounts Regulations 2015

Read it on legislation.gov.uk (opens in a new tab)
Status
In Force
Penalty ceiling
Regulated 1 of 9 obligations carry a criminal penalty. 8 have no criminal penalty — flagged in the list below.

Does it bind you?

Business-side roles with duties under this instrument.

Operator4 Financial Services Firm4 Any Person1

Other Acts binding the same actors

If a role above is yours, these are the other instruments that most often bind it.

Operator — also bound by 746 other Acts
Financial Services Firm — also bound by 167 other Acts
Any Person — also bound by 2340 other Acts

What it requires

Regulations creating concrete business duties or carrying penalties, grouped as the instrument is structured. Titles link to the source text — blue means you’re leaving for legislation.gov.uk.

s.018 Non-discrimination in the provision of payment accounts Regulated
  • Do not discriminate against consumers when providing payment accountsFinancial Services Firm
s.019 Payment account with basic features Regulated
  • Provide basic payment accounts meeting required featuresFinancial Services Firm
s.020 Fees Regulated
  • Do not charge extra fees for basic bank account services in sterlingFinancial Services Firm
42 other provisions — procedural and definitional
s.001 Citation and commencement
s.002 Interpretation
s.003 Publication of the linked services list
s.004 Periodic review of the linked services list
s.005 Revision of the linked services list
s.006 Glossary
s.007 Information for consumers
s.008 Fee information document
s.009 Availability of fee information document and glossary
s.010 Statement of fees
s.011 Branding
s.012 The comparison website
s.013 Payment accounts packaged with another product or service
s.014 Provision of the switching service
s.015 Alternative arrangements
s.016 Designation of alternative arrangements
s.017 Facilitation of cross-border account opening for consumers
s.021 Designated credit institutions
s.022 Duty to offer a payment account with basic features
s.023 Eligibility criteria
s.024 Timescale for opening a payment account with basic features
s.025 Refusal of application
s.026 Framework contracts and termination
s.027 General information on payment accounts with basic features
s.028 Monitoring and enforcement
s.029 Reporting requirements
s.030 Power to direct payment service providers
s.031 Power of direction: procedure
s.032 Right to refer matters to the Tribunal
s.033 Public censure – payment service providers
s.034 Financial penalties – payment service providers
s.035 Disciplinary powers
s.036 Proposal to take disciplinary measures
s.037 Financial penalties – general
s.038 Injunctions
s.039 Costs of supervision
s.040 Guidance
s.040 Technical standards
s.041 Authority’s exemption from liability in damages
s.042 Application and modification
s.043 Evaluation
s.044 Review
Schedules

Schedules

6 of 47 shown
s.sch003 Tasks for the transferring payment service provider Regulated
  • Carry out specified tasks when switching a consumer's payment accountOperator
s.sch003 Tasks for the receiving payment service provider Regulated
  • Complete account switching tasks within 5 business daysOperator
s.sch003 Fees connected with the switching service Regulated
  • Provide free standing order/direct debit details when a consumer switches accountsOperator
s.sch004 Annual fee Regulated
  • Pay annual fee to the Regulator for your designation certificateOperator
s.sch004 Penalties Regulated
  • Fail to comply with information request or directionAny Person
s.sch006 Cancellation Regulated
  • Continue offering basic payment accounts to existing customers after designation cancellationFinancial Services Firm
41 other schedules
s.sch001 Compliance with implementing technical standards
s.sch001 Content
s.sch001 Packages of services
s.sch001 Presentational format
s.sch002 Compliance with implementing technical standards
s.sch002 Content
s.sch002 Mandatory information
s.sch002 Presentational format
s.sch003 Interpretation
s.sch003 Authorisation
s.sch003 Request from the receiving payment service provider
s.sch003 Financial loss for consumers
s.sch003 Information about the switching service
s.sch004 Interpretation
s.sch004 Warning notices
s.sch004 Injunctions
s.sch004 Appeals against refusal or cancellation
s.sch004 Exemption from liability in damages
s.sch004 Publication of information and advice
s.sch004 Application for designation
s.sch004 Issuing the designation certificate
s.sch004 Application fee
s.sch004 Cancellation of designation
s.sch004 Provision of information in respect of alternative arrangements
s.sch004 Directions
s.sch005 Interpretation
s.sch005 Application
s.sch005 Fees connected with the alternative arrangement
s.sch005 Financial loss for consumers
s.sch005 Information about the alternative arrangement
s.sch006 Factors to be taken into account
s.sch006 Procedure
s.sch007 The Tribunal
s.sch007 Information gathering and investigations
s.sch007 Restriction on disclosure of information
s.sch007 Warning notices and decision notices
s.sch007 Misleading the Authority
s.sch007 Institution of proceedings
s.sch007 Limitation on power to require documents
s.sch007 The Financial Services and Markets Act 2000 (Service of Notices) Regulations 2001
s.sch007 The Financial Services and Markets Act 2000 (Disclosure of Confidential Information) Regulations 2001

Duty extraction and severity labels are Guvnor’s analysis of the instrument, not the instrument itself. Always verify against the linked source text.