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Payment Accounts Regulations 2015 [SI 2015 No. 2038]Introductory TextPart 1 Introductory provisions (regs. 1-2)Regulation 1 Citation and commencementRegulation 2 InterpretationPart 2 Comparability of fees connected with payment accounts (regs. 3-13)Regulation 3 Publication of the linked services listRegulation 4 Periodic review of the linked services listRegulation 5 Revision of the linked services listRegulation 6 GlossaryRegulation 7 Information for consumersRegulation 8 Fee information documentRegulation 9 Availability of fee information document and glossaryRegulation 10 Statement of feesRegulation 11 BrandingRegulation 12 The comparison websiteRegulation 13 Payment accounts packaged with another product or servicePart 3 Switching (regs. 14-17)Regulation 14 Provision of the switching serviceRegulation 15 Alternative arrangementsRegulation 16 Designation of alternative arrangements etc.Regulation 17 Facilitation of cross-border account opening for consumersPart 4 Access to payment accounts (regs. 18-27)Regulation 18 Non-discrimination in the provision of payment accountsRegulation 19 Payment account with basic featuresRegulation 20 FeesRegulation 21 Designated credit institutionsRegulation 22 Duty to offer a payment account with basic featuresRegulation 23 Eligibility criteriaRegulation 24 Timescale for opening a payment account with basic featuresRegulation 25 Refusal of applicationRegulation 26 Framework contracts and terminationRegulation 27 General information on payment accounts with basic featuresPart 5 The Authority (regs. 28-42)Regulation 28 Monitoring and enforcementRegulation 29 Reporting requirementsRegulation 30 Power to direct payment service providersRegulation 31 Power of direction: procedureRegulation 32 Right to refer matters to the TribunalRegulation 33 Public censure - payment service providersRegulation 34 Financial penalties - payment service providersRegulation 35 Disciplinary powersRegulation 36 Proposal to take disciplinary measuresRegulation 37 Financial penalties - generalRegulation 38 InjunctionsRegulation 39 Costs of supervisionRegulation 40 GuidanceRegulation 40A Technical standardsRegulation 41 Authority's exemption from liability in damagesRegulation 42 Application and modificationPart 6 Evaluation and review (regs. 43-44)Regulation 43 EvaluationRegulation 44 ReviewSchedule 1 Content and presentational format of the fee information documentSchedule 2 Content and presentational format of the statement of feesSchedule 3 Switching serviceSchedule 4 Designation of alternative arrangements etc.Schedule 5 Fees connected with alternative arrangements etc.Schedule 6 Designated credit institutionsSchedule 7 Application and modification of legislationSchedule 7, Part 1 Application and modification of the Act (paras. 1-7)Schedule 7, Part 2 Application and modification of secondary legislation (paras. 8-9)SignatureExplanatory NoteExplanatory MemorandumImpact Assessments
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Version status: In force | Document consolidation status: Updated to reflect all known changes
Published date: 15 December 2015

Payment Accounts Regulations 2015 [SI 2015 No. 2038]

To be revoked by s. 1 and Sch. 1 Pt 2 to the Financial Services and Markets Act 2023 (c. 29) (FSMA 2023), Sch. 1 Pt 2 not yet fully commenced.

Introductory Text
Part 1 Introductory provisions (regs. 1-2)
Regulation 1 Citation and commencement
Regulation 2 Interpretation
Part 2 Comparability of fees connected with payment accounts (regs. 3-13)
Regulation 3 Publication of the linked services list
Regulation 4 Periodic review of the linked services list
Regulation 5 Revision of the linked services list
Regulation 6 Glossary
Regulation 7 Information for consumers
Regulation 8 Fee information document
Regulation 9 Availability of fee information document and glossary
Regulation 10 Statement of fees
Regulation 11 Branding
Regulation 12 The comparison website
Regulation 13 Payment accounts packaged with another product or service
Part 3 Switching (regs. 14-17)
Regulation 14 Provision of the switching service
Regulation 15 Alternative arrangements
Regulation 16 Designation of alternative arrangements etc.
Regulation 17 Facilitation of cross-border account opening for consumers
Part 4 Access to payment accounts (regs. 18-27)
Regulation 18 Non-discrimination in the provision of payment accounts
Regulation 19 Payment account with basic features
Regulation 20 Fees
Regulation 21 Designated credit institutions
Regulation 22 Duty to offer a payment account with basic features
Regulation 23 Eligibility criteria
Regulation 24 Timescale for opening a payment account with basic features
⚠ Regulation 25 Refusal of application
⚠ Regulation 26 Framework contracts and termination
Regulation 27 General information on payment accounts with basic features
Part 5 The Authority (regs. 28-42)
Regulation 28 Monitoring and enforcement
Regulation 29 Reporting requirements
Regulation 30 Power to direct payment service providers
Regulation 31 Power of direction: procedure
Regulation 32 Right to refer matters to the Tribunal
Regulation 33 Public censure - payment service providers
Regulation 34 Financial penalties - payment service providers
Regulation 35 Disciplinary powers
Regulation 36 Proposal to take disciplinary measures
Regulation 37 Financial penalties - general
Regulation 38 Injunctions
Regulation 39 Costs of supervision
Regulation 40 Guidance
Regulation 40A Technical standards
Regulation 41 Authority's exemption from liability in damages
Regulation 42 Application and modification
Part 6 Evaluation and review (regs. 43-44)
Regulation 43 Evaluation
Regulation 44 Review
Schedule 1 Content and presentational format of the fee information document
Schedule 2 Content and presentational format of the statement of fees
Schedule 3 Switching service
Schedule 4 Designation of alternative arrangements etc.
Schedule 5 Fees connected with alternative arrangements etc.
Schedule 6 Designated credit institutions
Schedule 7 Application and modification of legislation
Schedule 7, Part 1 Application and modification of the Act (paras. 1-7)
Schedule 7, Part 2 Application and modification of secondary legislation (paras. 8-9)
Signature
Explanatory Note
Explanatory Memorandum
Impact Assessments
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