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Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 13 January 2018 - onwards
Version 2 of 2

Regulation 51 Termination of framework contract

DRAFT Text inserted Regulation 2 Amendment of the Payment Services Regulations 2017 of the Draft SI - Payment Services and Payment Accounts (Contract Terminations) (Amendment) Regulations 2024

(1) The payment service user may terminate the framework contract at any time unless the parties have agreed on a period of notice not exceeding one month.

(2) Any charges for the termination of the contract must reasonably correspond to the actual costs to the payment service provider of termination.

(3) The payment service provider may not charge the payment service user for the termination of a framework contract after the expiry of 6 months of the contract.

(4) The payment service provider may terminate a framework contract concluded for an indefinite period by giving at least two months' notice, if the contract so provides.

(5) Notice of termination given in accordance with paragraph (4) must be provided in the same way as information is required by regulation 55(1) (communication of information) to be provided or made available.

(6) Where charges for the payment service are levied on a regular basis, such charges must be apportioned up until the time of the termination of the contract and any charges paid in advance must be reimbursed proportionally.