Tasks for the transferring payment service provider
- Carry out specified tasks when switching a consumer's payment account
UK Statutory Instrument
2015
United Kingdom
The Payment Accounts Regulations 2015
At a glance
What's here
8 compliance obligations
What this Act requires
Sections that create concrete duties on businesses or carry penalties. Procedural and definitional sections are folded into the “Browse other sections” expander at the bottom of each group. Click any section title to read the source text on legislation.gov.uk.
Schedules
Tasks for the receiving payment service provider
- Complete account switching tasks within 5 business days
Fees connected with the switching service
- Provide free standing order/direct debit details when a consumer switches accounts
Annual fee
- Pay annual fee to the Regulator for your designation certificate
Cancellation
- Continue offering basic payment accounts to existing customers after designation cancellation
Browse 42 other Schedules — structural / supplementary
Compliance with implementing technical standards
Content
Packages of services
Presentational format
Compliance with implementing technical standards
Content
Mandatory information
Presentational format
Interpretation
Authorisation
Request from the receiving payment service provider
Financial loss for consumers
Information about the switching service
Interpretation
Warning notices
Injunctions
Appeals against refusal or cancellation
Exemption from liability in damages
Publication of information and advice
Application for designation
Issuing the designation certificate
Application fee
Cancellation of designation
Provision of information in respect of alternative arrangements
Directions
Penalties
Interpretation
Application
Fees connected with the alternative arrangement
Financial loss for consumers
Information about the alternative arrangement
Factors to be taken into account
Procedure
The Tribunal
Information gathering and investigations
Restriction on disclosure of information
Warning notices and decision notices
Misleading the Authority
Institution of proceedings
Limitation on power to require documents
The Financial Services and Markets Act 2000 (Service of Notices) Regulations 2001
The Financial Services and Markets Act 2000 (Disclosure of Confidential Information) Regulations 2001
Non-discrimination in the provision of payment accounts
- Do not discriminate against consumers when providing payment accounts
Payment account with basic features
- Provide basic payment accounts meeting required features
Fees
- Do not charge extra fees for basic bank account services in sterling
Browse 42 other sections — procedural / definitional / commencement
Citation and commencement
Interpretation
Publication of the linked services list
Periodic review of the linked services list
Revision of the linked services list
Glossary
Information for consumers
Fee information document
Availability of fee information document and glossary
Statement of fees
Branding
The comparison website
Payment accounts packaged with another product or service
Provision of the switching service
Alternative arrangements
Designation of alternative arrangements
Facilitation of cross-border account opening for consumers
Designated credit institutions
Duty to offer a payment account with basic features
Eligibility criteria
Timescale for opening a payment account with basic features
Refusal of application
Framework contracts and termination
General information on payment accounts with basic features
Monitoring and enforcement
Reporting requirements
Power to direct payment service providers
Power of direction: procedure
Right to refer matters to the Tribunal
Public censure – payment service providers
Financial penalties – payment service providers
Disciplinary powers
Proposal to take disciplinary measures
Financial penalties – general
Injunctions
Costs of supervision
Guidance
Technical standards
Authority’s exemption from liability in damages
Application and modification
Evaluation
Review
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