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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 24 Timescale for opening a payment account with basic features

Where an application for a payment account with basic features is made by a consumer to a designated credit institution, the designated credit institution must open or refuse to open the account without undue delay, and no later than 10 business days from receipt of the completed application.

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