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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 92 Limits of the use of the payment instrument and of the access to payment accounts by payment service providers

(1) Where a specific payment instrument is used for the purposes of giving consent, the payer concerned and the payer’s payment service provider may agree on spending limits for payment transactions executed through that payment instrument.

(2) If agreed in a framework contract, the payment service provider concerned may reserve the right to block a payment instrument for objectively justified reasons relating to -

(a) the security of the payment instrument,

(b) the suspicion of unauthorised or fraudulent use of the payment instrument, or

(c) in the case of a payment instrument with a credit line, a significantly increased risk that the payer concerned may be unable to fulfil its liability to pay.

(3) Where a payment instrument is blocked in accordance with paragraph (2), the payment service provider concerned shall inform the payer concerned in an agreed manner of the blocking of the payment instrument and the reasons for it, where possible, before the payment instrument is blocked

Comparing proposed amendment...