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Link to original content: http://www.legislation.gov.uk/uksi/2015/2038/contents/data.akn

S.I. 2012/1759.

1972 c. 68. Section 2(2) was amended by section 27(1)(a) of the Legislative and Regulatory Reform Act 2006 (c.51) and the European Union (Amendment) Act 2008 (c.7), Schedule, Part 1. By virtue of the amendment of section 1(2) by section 1 of the European Economic Area Act 1993 (c.51) regulations may be made under section 2(2) of the European Communities Act to implement obligations of the United Kingdom created or arising by or under the Agreement on the European Economic Area signed at Oporto on 2nd May 1992 (Cm 2073) and the Protocol adjusting the Agreement signed at Brussels on 17th March 1993 (Cm 2183).

Regulations: power to modify conferred (11.7.2023) by Financial Services and Markets Act 2023 (c. 29), ss. 3, 86(3), Sch. 1 Pt. 2; S.I. 2023/779, reg. 2(d)

Regulations revoked (14.12.2023 for the revocation of reg. 44) by Financial Services and Markets Act 2023 (c. 29), s. 86(3), Sch. 1 Pt. 2 (with s. 1(4)); S.I. 2023/1382, reg. 2(c)(xiv)

http://www.legislation.gov.uk/uksi/2015/2038/contentsThe Payment Accounts Regulations 2015enStatute Law DatabaseFINANCIAL SERVICES AND MARKETS2024-07-11Expert Participation2024-01-01These Regulations implement Directive 2014/92/EU of the European Parliament and of the Council of 23rd July 2014 on the comparability of fees related to payment accounts, payment account switching and access to payment accounts with basic features (“PAD”) (OJ L257, 28.8.2014, p.214).The Payment Accounts Regulations 2015The Payment Accounts Regulations 2015PART 1Introductory provisions1Citation and commencement2InterpretationPART 2Comparability of fees connected with payment accounts3Publication of the linked services list4Periodic review of the linked services list5Revision of the linked services list6Glossary7Information for consumers8Fee information document9Availability of fee information document and glossary10Statement of fees11Branding12The comparison website13Payment accounts packaged with another product or servicePART 3Switching14Provision of the switching service15Alternative arrangements16Designation of alternative arrangements etc.17Facilitation of cross-border account opening for consumersPART 4Access to payment accounts18Non-discrimination in the provision of payment accounts19Payment account with basic features20Fees21Designated credit institutions22Duty to offer a payment account with basic features23Eligibility criteria24Timescale for opening a payment account with basic features25Refusal of application26Framework contracts and termination27General information on payment accounts with basic featuresPART 5The Authority28Monitoring and enforcement29Reporting requirements30Power to direct payment service providers31Power of direction: procedure32Right to refer matters to the Tribunal33Public censure – payment service providers34Financial penalties – payment service providers35Disciplinary powers36Proposal to take disciplinary measures37Financial penalties – general38Injunctions39Costs of supervision40Guidance40ATechnical standards41Authority’s exemption from liability in damages42Application and modificationPART 6Evaluation and review43Evaluation44ReviewSCHEDULE 1Content and presentational format of the fee information document1Compliance with implementing technical standards2Content3Packages of services4Presentational formatSCHEDULE 2Content and presentational format of the statement of fees1Compliance with implementing technical standards2Content3Mandatory information4Presentational formatSCHEDULE 3Switching service1Interpretation2Authorisation3Request from the receiving payment service provider4Tasks for the transferring payment service provider5Tasks for the receiving payment service provider6Fees connected with the switching service7Financial loss for consumers8Information about the switching serviceSCHEDULE 4Designation of alternative arrangements etc.1Interpretation2Application for designation3Issuing the designation certificate4Application fee5Annual fee6Cancellation of designation7Provision of information in respect of alternative arrangements8Directions9Penalties10Warning notices11Injunctions12Appeals against refusal or cancellation13Exemption from liability in damages14Publication of information and adviceSCHEDULE 5Fees connected with alternative arrangements etc.1Interpretation2Application3Fees connected with the alternative arrangement4Financial loss for consumers5Information about the alternative arrangementSCHEDULE 6Designated credit institutions1Factors to be taken into account2Procedure3CancellationSCHEDULE 7Application and modification of legislationPART 1Application and modification of the Act1The Tribunal2Information gathering and investigations3Restriction on disclosure of information4Warning notices and decision notices5Misleading the Authority6Institution of proceedings7Limitation on power to require documentsPART 2Application and modification of secondary legislation8The Financial Services and Markets Act 2000 (Service of Notices) Regulations 20019The Financial Services and Markets Act 2000 (Disclosure of Confidential Information) Regulations 2001

2015 No. 2038

Financial Services And Markets

The Payment Accounts Regulations 2015

Made15th December 2015

Coming into force in accordance with regulation 1(2)

The Treasury are designated for the purposes of section 2(2) of the European Communities Act 1972 in relation to financial services.

The Treasury in exercise of the powers conferred by section 2(2) of that Act make the following Regulations.

A draft of these Regulations has been laid before and approved by a resolution of each House of Parliament in accordance with paragraph 2(2) of Schedule 2 to that Act.