iBet uBet web content aggregator. Adding the entire web to your favor.
iBet uBet web content aggregator. Adding the entire web to your favor.



Link to original content: http://www.legislation.gov.uk/id/uksi/2015/2038
The Payment Accounts Regulations 2015

Search Legislation

The Payment Accounts Regulations 2015

Changes to legislation:

There are currently no known outstanding effects for the The Payment Accounts Regulations 2015. Help about Changes to Legislation

Close

Changes to Legislation

Revised legislation carried on this site may not be fully up to date. At the current time any known changes or effects made by subsequent legislation have been applied to the text of the legislation you are viewing by the editorial team. Please see ‘Frequently Asked Questions’ for details regarding the timescales for which new effects are identified and recorded on this site.

  1. Introductory Text

  2. PART 1 Introductory provisions

    1. 1.Citation and commencement

    2. 2.Interpretation

  3. PART 2 Comparability of fees connected with payment accounts

    1. 3.Publication of the linked services list

    2. 4.Periodic review of the linked services list

    3. 5.Revision of the linked services list

    4. 6.Glossary

    5. 7.Information for consumers

    6. 8.Fee information document

    7. 9.Availability of fee information document and glossary

    8. 10.Statement of fees

    9. 11.Branding

    10. 12.The comparison website

    11. 13.Payment accounts packaged with another product or service

  4. PART 3 Switching

    1. 14.Provision of the switching service

    2. 15.Alternative arrangements

    3. 16.Designation of alternative arrangements etc.

    4. 17.Facilitation of cross-border account opening for consumers

  5. PART 4 Access to payment accounts

    1. 18.Non-discrimination in the provision of payment accounts

    2. 19.Payment account with basic features

    3. 20.Fees

    4. 21.Designated credit institutions

    5. 22.Duty to offer a payment account with basic features

    6. 23.Eligibility criteria

    7. 24.Timescale for opening a payment account with basic features

    8. 25.Refusal of application

    9. 26.Framework contracts and termination

    10. 27.General information on payment accounts with basic features

  6. PART 5 The Authority

    1. 28.Monitoring and enforcement

    2. 29.Reporting requirements

    3. 30.Power to direct payment service providers

    4. 31.Power of direction: procedure

    5. 32.Right to refer matters to the Tribunal

    6. 33.Public censure – payment service providers

    7. 34.Financial penalties – payment service providers

    8. 35.Disciplinary powers

    9. 36.Proposal to take disciplinary measures

    10. 37.Financial penalties – general

    11. 38.Injunctions

    12. 39.Costs of supervision

    13. 40.Guidance

    14. 40A.Technical standards

    15. 41.Authority’s exemption from liability in damages

    16. 42.Application and modification

  7. PART 6 Evaluation and review

    1. 43.Evaluation

    2. 44.Review

  8. Signature

    1. SCHEDULE 1

      Content and presentational format of the fee information document

      1. 1.Compliance with implementing technical standards

      2. 2.Content

      3. 3.Packages of services

      4. 4.Presentational format

    2. SCHEDULE 2

      Content and presentational format of the statement of fees

      1. 1.Compliance with implementing technical standards

      2. 2.Content

      3. 3.Mandatory information

      4. 4.Presentational format

    3. SCHEDULE 3

      Switching service

      1. 1.Interpretation

      2. 2.Authorisation

      3. 3.Request from the receiving payment service provider

      4. 4.Tasks for the transferring payment service provider

      5. 5.Tasks for the receiving payment service provider

      6. 6.Fees connected with the switching service

      7. 7.Financial loss for consumers

      8. 8.Information about the switching service

    4. SCHEDULE 4

      Designation of alternative arrangements etc.

      1. 1.Interpretation

      2. 2.Application for designation

      3. 3.Issuing the designation certificate

      4. 4.Application fee

      5. 5.Annual fee

      6. 6.Cancellation of designation

      7. 7.Provision of information in respect of alternative arrangements

      8. 8.Directions

      9. 9.Penalties

      10. 10.Warning notices

      11. 11.Injunctions

      12. 12.Appeals against refusal or cancellation

      13. 13.Exemption from liability in damages

      14. 14.Publication of information and advice

    5. SCHEDULE 5

      Fees connected with alternative arrangements etc.

      1. 1.Interpretation

      2. 2.Application

      3. 3.Fees connected with the alternative arrangement

      4. 4.Financial loss for consumers

      5. 5.Information about the alternative arrangement

    6. SCHEDULE 6

      Designated credit institutions

      1. 1.Factors to be taken into account

      2. 2.Procedure

      3. 3.Cancellation

    7. SCHEDULE 7

      Application and modification of legislation

      1. PART 1 Application and modification of the Act

        1. 1.The Tribunal

        2. 2.Information gathering and investigations

        3. 3.Restriction on disclosure of information

        4. 4.Warning notices and decision notices

        5. 5.Misleading the Authority

        6. 6.Institution of proceedings

        7. 7.Limitation on power to require documents

      2. PART 2 Application and modification of secondary legislation

        1. 8.The Financial Services and Markets Act 2000 (Service of Notices) Regulations 2001

        2. 9.The Financial Services and Markets Act 2000 (Disclosure of Confidential Information) Regulations 2001

  9. Explanatory Note

Back to top

Options/Help

Print Options

Close

Legislation is available in different versions:

Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.

Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.

Close

Opening Options

Different options to open legislation in order to view more content on screen at once

Close

Explanatory Memorandum

Explanatory Memorandum sets out a brief statement of the purpose of a Statutory Instrument and provides information about its policy objective and policy implications. They aim to make the Statutory Instrument accessible to readers who are not legally qualified and accompany any Statutory Instrument or Draft Statutory Instrument laid before Parliament from June 2004 onwards.

Close

More Resources

Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • correction slips
  • links to related legislation and further information resources
Close

Impact Assessments

Impact Assessments generally accompany all UK Government interventions of a regulatory nature that affect the private sector, civil society organisations and public services. They apply regardless of whether the regulation originates from a domestic or international source and can accompany primary (Acts etc) and secondary legislation (SIs). An Impact Assessment allows those with an interest in the policy area to understand:

  • Why the government is proposing to intervene;
  • The main options the government is considering, and which one is preferred;
  • How and to what extent new policies may impact on them; and,
  • The estimated costs and benefits of proposed measures.
Close

Timeline of Changes

This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.

Close

More Resources

Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as made version that was used for the print copy
  • correction slips

Click 'View More' or select 'More Resources' tab for additional information including:

  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • links to related legislation and further information resources