(1) Subject to paragraph (2), a credit institution must not charge any fee for a service set out in regulation 19(1) when that service is provided in sterling as part of a payment account with basic features.

(2) Where a credit institution provides any service set out in regulation 19(1) to a consumer in a currency other than sterling, the credit institution may charge a fee for that service provided that the fee charged is reasonable.

(3) In determining whether a fee charged pursuant to paragraph (2) is reasonable, regard shall be given to the following criteria -

(a) national income levels;

(b) average fees charged by UK credit institutions in respect of the service.

(4) Where a consumer holding a payment account with basic features -

(a) authorises a payment transaction from the account; and

(b) the payment transaction is not executed as a result of there being insufficient funds available,