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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
Version date: 18 September 2016 - onwards
Version 2 of 2

Regulation 14 Provision of the switching service

(1) A payment service provider must offer a switching service between payment accounts that are -

(a) denominated in the same currency; and

(b) opened or held with a payment service provider located in the United Kingdom.

(2) A switching service must meet the requirements set out in Schedule 3, except where regulation 15 applies.

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