(1) Subject to paragraphs (2) and (3), framework contracts for the provision of a payment account with basic features must comply with the requirements of the Payment Service Regulations.

(2) A designated credit institution may only close a payment account with basic features where at least one of the following conditions is met -

(a) the consumer has knowingly used, or attempted to use, the payment account for illegal purposes;

(b) there has been no transaction on the account for more than 24 consecutive months;

(c) the consumer provided incorrect information when applying for the account, and had the correct information been provided, the application would have been refused;

(d) the consumer is no longer legally resident in the United Kingdom;

(e) the consumer has access to another payment account in the United Kingdom which -

(i) allows the consumer to make use of the services listed in regulation 19(1); and

(ii) was opened after the payment account with basic features;