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Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 13 January 2018 - onwards
Version 2 of 2

Regulation 79 Termination

(1) A payment service user may terminate a framework contract at any time, unless the parties have agreed on a period of notice.

(2) The period of notice referred to in paragraph (1) shall not exceed 1 month.

(3) Termination of a framework contract shall be free of charge for the payment service user except where the contract has been in force for less than 6 months.

(4) Charges, if any, for termination of a framework contract shall be appropriate and in line with costs.

(5) If agreed in a framework contract, a payment service provider may terminate a framework contract concluded for an indefinite period by giving not less than 2 months’ notice in the same manner as information is to be provided in accordance with Regulation 75(1) and (2).

(6) Where a framework contract is terminated, charges for payment services levied on a regular basis shall be -

(a) payable by the payment service user only proportionally up to the termination of the contract, and

(b) where such charges are paid in advance, reimbursed proportionally.

(7) Nothing in this Regulation affects the operation of any other law governing the rights of the parties to a framework contract to declare the contract unenforceable or void.