The government has published the draft Payment Accounts Regulations 2015 (PAR) alongside its response to the consultation relating to the implementation of the EU Payment Accounts Directive. The EU Payments Accounts Directive seeks to set common standards by requiring member states to provide a number of services to consumers, including account switching services, a right of access to a basic bank account for those who are legally resident in the EU and transparent information on fees and charges.

In the response to the consultation, the government has set out where changes to the PAR have been made for further clarity. The rules are set to come into force in September 2016, however the government seeks to make the regulations by the end of the year to provide consumers and banks with sufficient time to comply.