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Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 6 April 2019 - onwards
Version 3 of 3

Regulation 27 General information on payment accounts with basic features

(1) The Money and Pensions Service must endeavour to raise awareness among consumers about -

(a) the availability of payment accounts with basic features;

(b) their general pricing conditions;

(c) the procedures to be followed in order to exercise the right to access a payment account with basic features; and

(d) the consumer’s right to complain to the Financial Ombudsman Service where the consumer considers that a credit institution has not complied with the requirements of this Part.

(2) Designated credit institutions must make available to consumers, free of charge, accessible information and assistance about -

(a) the specific features of the payment account with basic features they offer; and

(b) the associated fees and conditions of use.