The Payment Account Regulations 2015 have been published, together with an explanatory memorandum. The Regulations implement the Payment Accounts Directive (PAD) with the following main features:
- Part 2 deals with comparability of fees connected with payment accounts. It sets obligations on payment service providers (PSPs) intended to help consumers make an informed choice when choosing payment accounts;
- Part 3 deals with switching. It requires PSPs to offer a service that allows its payment account customers to switch between payment accounts;
- Part 4 deals with access to payment accounts. It requires certain credit institutions, designated by Treasury, to offer eligible consumers a payment account with basic features; and
- Part 5 makes provisions regarding FCA’s powers and duties, including its disciplinary powers.
The Regulations also include a duty on Treasury to make a report on certain aspects of them to the Commission two years after they take effect. Schedules address matters such as content and presentation of information, and criteria for designating institutions to offer basic payment accounts. The Regulations come into force on 18 September 2016 (the date by which Member States must implement the PAD) except for certain parts that depend on FCA publishing a list of linked services, which take effect six months after FCA has done so. (Source: Payment Account Regulations Published)