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The Payment Accounts Regulations 2015

Type Statutory-Instrument

Publication 2015-12-15

Last updated 2024-01-01

State In force

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(2) The duty to reimburse provided for in sub-paragraph (1) does not apply in the case of unavoidable losses arising as a result of—

(a) abnormal and unforeseeable circumstances beyond the control of the participating payment service provider; or

(b) the participating payment service provider’s compliance with any statutory obligation.

Information about the alternative arrangement

5

(1) A participating payment service provider must make available to consumers the following information about the alternative arrangement—

(a) the roles played by participating payment service providers when switching payment accounts;

(b) the time limits that apply for the completion of any tasks provided for in the alternative arrangement;

(d) details of any information that the consumer is required to provide;

(e) details of the consumer’s right to make a complaint to the Financial Ombudsman Service.

(2) The information referred to in sub-paragraph (1) must be made available —

(a) free of charge on paper or another durable medium at all premises of the participating payment service provider that are accessible to consumers; and

(b) in electronic form on the participating payment service provider’s website at all times.

SCHEDULE 6 — Designated credit institutions

Factors to be taken into account

1

When considering whether to give a designation notice to a credit institution, the Treasury must take into account the following factors—

(a) the credit institution’s geographical coverage;

(b) the distribution of consumers within the United Kingdom;

Procedure

2

(1) Before giving a designation notice to a credit institution, the Treasury must—

(a) consult the Authority;

(b) notify the credit institution that it is minded to give the designation notice; and

(2) When considering whether to give a designation notice to a credit institution, the Treasury may have regard to any information that the Authority has gathered in the course of the exercise of its functions under sections 234I³⁹ (the Authority’s functions under Part 4 of the Enterprise Act 2002) and 234J⁴⁰ (the Authority’s functions under the Competition Act 1998) of the Act.

Cancellation

3

(1) The Treasury may cancel a designation notice.

(2) Before cancelling a designation notice, the Treasury must—

(a) consult the Authority;

(b) notify the credit institution to which the designation notice relates that it is minded to cancel the designation notice; and

(3) Following cancellation of a designation notice, the credit institution must continue to offer a payment account with basic features to any customer holding such an account with the credit institution at the time of cancellation until such time as the customer ceases to be eligible to hold such an account under these Regulations.

SCHEDULE 7 — Application and modification of legislation

PART 1 — Application and modification of the Act

The Tribunal

1

(1) Section 133⁴¹ (proceedings before Tribunal: general provision) to section 133B⁴² (offences) of the Act apply in respect of references and appeals made to the Tribunal under these Regulations as they apply in respect of references and appeals made to the Tribunal under the Act in respect of a decision of the FCA with the following modifications.

(2) Section 133 applies as if for subsection (7A) there were substituted—

(7A) A reference is a “disciplinary reference” for the purposes of this section if it is in respect of any of the following decisions made under the Payment Accounts Regulations 2015— (a) a decision to publish a statement under regulation 33; (b) a decision to impose a penalty under regulation 34; (c) a decision to publish a statement under regulation 35; (d) a decision to impose a penalty under regulation 35.

(3) Section 133A⁴³ (Proceedings before Tribunal: decision and supervisory notices, etc.) applies as if in subsection (1) “, as a result of section 388(2),” were omitted.

Information gathering and investigations

2

(1) Subject to sub-paragraph (2), Part 11 of the Act (information gathering and investigations) applies to the Authority’s functions under these Regulations as it applies to its functions under the Act with the modifications set out in sub-paragraphs (3) to (16).

(2) Sections 165A to 165C⁴⁴, 169A⁴⁵ and 173 do not apply.

(3) References to an authorised person are to be treated as references to a payment service provider.

(4) References to a regulator (other than to an overseas regulator) are to be treated as references to the Authority.

(5) Section 165⁴⁶ (Authority’s power to require information) applies as if in subsection (7) paragraphs (b), (c) and (d) were omitted.

(6) Section 166⁴⁷ (reports by skilled persons) applies as if subsections (10) and (11) were omitted.

(7) Section 166A⁴⁸ (appointment of skilled person to collect and update information) applies as if subsection (10) were omitted.

(8) Section 167⁴⁹ (appointment of persons to carry out general investigations) applies as if—

(a) references to an investigating authority were references to the Authority;

(b) references to—

(i) a recognised investment exchange; and

(ii) an appointed representative;

were omitted;

(c) in subsection (5) for “regulated activities” there were substituted “payment services as defined in regulation 2(1) of the Payment Services Regulations 2017, as amended from time to time”; and

(d) subsections (5A) and (6) were omitted.

(9) Section 168⁵⁰ (appointment of persons to carry out investigations in particular cases) applies as if—

(a) references to an investigating authority were references to the Authority;

(b) in subsection (1)—

(i) in paragraph (b) for “191F” to the end, there were substituted “or;”;

(ii) after paragraph (b) there were inserted—

(c) a person may have contravened any requirement of or imposed under the Payment Accounts Regulations 2015.

; and

(10) Section 169⁵¹ (investigations etc in support of overseas regulator) applies as if—

(a) references to an overseas regulator were references to a competent authority ... designated in accordance with Article 21 of the Payment Accounts Directive , as it has effect in EU law;

(b) in subsection (8) for “Part XXIII” there were substituted “sections 348, 349 and 352”; and

(11) Section 170⁵² (investigations: general) applies as if—

(a) references to an investigating authority were references to the Authority;

(b) in subsection (1) “or (5)” were omitted;

(d) subsection (3)(b) were omitted; and

(e) subsection (10) were omitted.

(12) Section 171⁵³ (powers of persons appointed under section 167) applies as if subsections (3A) and (7) were omitted.

(13) Section 172 (additional power of persons appointed as a result of section 168(1) or (4)) applies as if in subsection (4) “or (4)” were omitted.

(14) Section 174⁵⁴ (admissibility of statements made to investigators) applies as if—

(a) in subsection (2)—

(i) “or in proceedings in relation to action to be taken against that person under section 123”; and

(ii) “or (as the case may be) a regulator”;

were omitted;

(b) in subsection (3)(a) “177(4) or” were omitted;

(d) in subsection (5) “, 173” were omitted.

(15) Section 175⁵⁵ (information and documents: supplemental provisions) applies as if in subsection (8) “or (5)” were omitted.

(16) Section 176⁵⁶ (entry of premises under a warrant) applies as if—

(a) in subsection (1) “the Secretary of State,” were omitted;

(b) in subsection (3)(a) “or an appointed representative” were omitted;

(d) in subsection (11)(a) for “87C” to “169A” there were substituted “165”; and

(e) in subsection (11)(b) “, 173” were omitted.

Restriction on disclosure of information

3

(1) Sections 348⁵⁷ (restrictions on disclosure of confidential information by FCA, PRA etc), 349⁵⁸ (exceptions from section 348) and 352 (offences) of the Act apply to information received in connection with the Authority’s functions under these Regulations as they apply in relation to information received in connection with the Authority’s functions under the Act with the following modifications.

(2) Section 348 applies as if—

(a) in subsection (3)(a) for “this Act” there were substituted “the Payment Accounts Regulations 2015”;

(b) in subsection (5)—

(i) paragraphs (aa) and (c) were omitted;

(ii) in paragraph (e) for “paragraphs (a) to (c)” there were substituted “paragraph (a)”;

(iii) in paragraph (ea) for “those paragraphs” there were substituted “that paragraph”;

(iv) paragraph (f) were omitted;

(3) Section 349 applies as if subsections (3A) and (3B) were omitted.

(4) Section 352 applies as if—

(a) in subsection (1) “or 350(5)” were omitted;

(b) subsection (4) were omitted;

(d) in subsection (6)(a) “or that it had been disclosed in accordance with section 350” were omitted.

Warning notices and decision notices

4

(1) Subject to sub-paragraph (2), Part 26 of the Act (notices) applies to notices given by the Authority under these Regulations as it applies to notices given by the Authority under the Act with the following modifications.

(2) Section 391A⁵⁹ does not apply.

(3) Section 387⁶⁰ (warning notices) applies as if subsections (1A) and (3A) were omitted.

(4) Section 388⁶¹ (decision notices) applies as if subsections (1A) and (2) were omitted.

(5) Section 390⁶² (final notices) applies as if—

(a) subsections (6) and (10) were omitted; and

(b) in subsection (8) “or (6)(c)” were omitted.

(6) Section 391⁶³ (publication) applies as if—

(a) for subsection (1ZB) there were substituted—

(1ZB) A warning notice falls within this subsection if it is given under regulation 36 of the Payment Accounts Regulations 2015.

; and

(b) subsections (4A), (5A), (6A), ... (7B), (8A) , (8AA) and (11) were omitted.

(7) Section 392⁶⁴ (application of sections 393 and 394) applies as if for paragraphs (a) and (b) there were substituted—

warning noticed and decision notices given in accordance with regulation 36 of the Payment Accounts Regulations 2015.

(8) Section 395⁶⁵ (the FCA’s and PRA’s procedures) applies as if—

(a) subsection (1)(b)(ii) were omitted;

(b) in subsection (9) “other than a warning notice or decision notice relating to a decision of the PRA that is required by a decision of the FCA of the kind mentioned in subsection 1(b)(ii)” were omitted;

(d) in subsection (13) for “in accordance with” to the end there were substituted “under regulation 31 of the Payment Accounts Regulations 2015.”.

Misleading the Authority

5

Section 398⁶⁶ of the Act (misleading FCA or PRA: residual cases) applies in respect of requirements imposed by or under these Regulations, as it applies in respect of requirements imposed by or under the Act.

Institution of proceedings

6

Section 401⁶⁷ of the Act (proceedings for offences) applies in respect of offences under these Regulations as it applies in respect of offences under the Act, but as if—

(a) references to the appropriate regulator were references to the Authority; and

(b) subsections (3A) and (3B) were omitted.

Limitation on power to require documents

7

Section 413 of the Act (protected items) applies for the purposes of these Regulations as it applies for the purposes of the Act.

PART 2 — Application and modification of secondary legislation

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

8

The Financial Services and Markets Act 2000 (Service of Notices) Regulations 2001⁶⁸ apply to any notice given by or to the Authority under these Regulations as they apply to relevant documents within the meaning of regulation 1(2)⁶⁹ of those Regulations with the following modifications—

(a) references to an investigating authority apply as if they are references to the Authority; and

(b) regulation 6A is omitted.

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

9

The Financial Services and Markets Act 2000 (Disclosure of Confidential Information) Regulations 2001⁷⁰ apply with the following modifications—

(a) in regulation 2⁷¹—

(i) after the definition of “overseas regulatory authority” insert—

“Payment Accounts Directive” means 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;

“payment accounts directive information” means confidential information received by the Authority in the course of discharging its functions as the competent authority under the Payment Accounts Directive;

(ii) in the definition of “single market restrictions”, after paragraph (m) add—

(n) Articles 21(2) and 22 of the Payment Accounts Directive;

(b) in regulation 8⁷²—

(i) at the end of paragraph (c) omit “and”; and

(ii) at the of paragraph (d) insert—

; and (e) payment accounts directive information.

; and

(h) payment accounts directive information.

Signed

Charlie Elphicke — George Hollingbery — Two of the Lords Commissioners of Her Majesty’s Treasury — 2015-12-15

Explanatory note

(This note is not part of the Regulations)

EXPLANATORY NOTE

These 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).

Part 2 imposes obligations upon payment service providers (principally banks and building societies) that are intended to help consumers make an informed choice when choosing payment accounts (principally personal current accounts). Regulation 3 requires the Financial Conduct Authority (“FCA”) to publish a list of the most representative services linked to a payment account and subject to a fee. When describing those services, this list (“the linked services list”) will, where applicable, use terms and definitions that have been standardised at European Union level. Regulation 6 requires payment service providers to make available to consumers a glossary of the terms and definitions in the linked services list, and regulation 7 requires that payment service providers use the terminology in the linked services list in their contractual, commercial and marketing information. Regulation 8 requires payment service providers to provide prospective customers with a fee information document that meets the criteria set out in Schedule 1 before they enter into a contract for a payment account (which includes a requirement that the fee information document complies with any relevant implementing technical standards adopted by the European Commission). Regulation 10 requires payment service providers to provide their payment account customers with an annual statement of fees and regulation 12 tasks the Money Advice Service with establishing and maintaining a website that will allow consumers to compare the fees charged by payment service providers for the services featured in the linked services list.

Part 3 requires payment service providers to offer a service that allows its payment account customers to switch between payment accounts (“a switching service”). Payment service providers are required to ensure that any switching service offered meets the requirements set out in Schedule 3 (see regulation 14). However, the requirement to offer a Schedule 3 compliant switching service will not apply in instances where the payment service provider is a party to and complies with any switching service that the Payment Systems Regulator has designated as an alternative arrangement in accordance with the requirements set out in Schedule 4 (see regulations 14 and 15).

Part 4 requires credit institutions that have been designated by the Treasury in accordance with the procedure set out in Schedule 6 to offer eligible consumers a payment account with basic features. Regulation 19 sets out the nature of the services that will be offered as part of a payment account with basic features, and regulation 23 prescribes the eligibility criteria.

Part 5 makes provision regarding the FCA. Regulation 28 requires the FCA to monitor payment service providers’ compliance with the requirements of Parts 2, 3 and 4 of these Regulations. Regulation 29 confers power on the FCA to require payment service providers to provide it with such information as it may specify for this purpose. Regulation 30 gives the FCA a power of direction over payment service providers, by virtue of which the FCA may require a payment service provider to take specified action (or refrain from taking specified action) in order to secure compliance with the requirements of Parts 2, 3 and 4. Regulation 33 gives the FCA the power to publish statements censuring payment service providers for failure to comply with requirements imposed by these Regulations and regulation 34 gives the FCA the power to impose financial penalties on payment service providers in respect such failures. Regulation 35 gives the FCA the power to discipline individuals responsible for the management of a payment service provider that has breached a requirement imposed by these Regulations. Regulation 42 introduces Schedule 7, which applies certain provision in the Financial Services and Markets Act 2000 (c. 8) (“FSMA”) with modifications in respect of the FCA’s functions under the Regulations.

A Transposition Table setting out how the PAD is transposed into UK law is available from HM Treasury, 1 Horse Guards Road, London, SW1A 2HQ.

A full impact assessment of the effect that these Regulations will have on the costs of business and the voluntary sector is available from HM Treasury, 1 Horse Guards Road, London, SW1A 2HQ or on http://www.hm-treasury.gov.uk and published alongside the Regulations on http;//www.legislation.gov.uk/.

Footnotes

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).

2000 c.8.

1979 c.34; Section 31 was amended by section 151(1) of, and paragraph 16(2)(b) of Part 1 of Schedule 4 to the Co-operative and Community Benefit Societies Act 2014 c.14.

S.I. 1985/1205 (N.I. 12).

OJ No L 257, 28.8.2014, p214.

2013 c.33.

Part 9A was substituted for the original Part 10 (sections 138-164) by section 24(1) of the Financial Services Act 2012.

OJ No L 133, 22.5.2008, p66.

Regulation 3 was amended by S.I. 2010/1969 and S.I. 2013/1881.

Regulation 10 was amended by S.I. 2010/1969 and S.I. 2011/11.

S.I. 2010/1013.

Section 55C was inserted by S.I. 2010/1010 and amended by S.I. 2013/1881 and S.I. 2015/910.

Section 61B was inserted by S.I. 2010/1010.

1974 c.39.

S.I. 1983/1570.

Section 78A was inserted by S.I. 2010/1010.

1999 c.33; section 94 was amended by S.I. 2008/2833 and sections 44, 60(2) and 161 of, and Schedule 9 to, the Nationality, Immigration and Asylum Act 2002 (c.41) (of the amendments made to section 94 by the 2002 Act, only the amendment given effect by section 60(2) has entered in to force to date).

2006 c.35.

Section 40 was amended by S.I. 2014/3074.

2014 c.22.

Part 4A was substituted for the original Part IV by section 11(2) of the Financial Services Act 2012.

Section 4 was amended by sections 111 and 174(2) of, paragraph 26(1) and (34) of Part 1 of Schedule 7 to, and Part 2 of Schedule 17 to, the Serious Organised Crime and Police Act 2005 (c. 15).

Section 4A was inserted by section 154 of the Criminal Justice and Public Order Act 1994 (c.33) and was amended by section 174(2) of, and Part 2 of Schedule 2 to, the Serious Organised Crime and Police Act 2005.

Section 5 was amended by section 57(2) of the Crime and Courts Act 2013 (c.22), and Part 2 of Schedule 2 to, the Serious Organised Crime and Police Act 2005.

1986 c.64.

1997 c.40.

2010 asp 13.

S.I. 1987/463 (N.I.7).

S.I. 1997/1180 (N.I.9).

Section 393 was amended by section 37(1) of, and paragraphs 1 and 32 of Schedule 9 to the Financial Services Act 2012.

Section 210 was amended by section 24 of, and paragraph 20 of Schedule 2 to, the Financial Services Act 2010 and section 37 of, and paragraph 17 of Schedule 9 to the Financial Services Act 2012.

Section 211 was amended by section 37 of, and paragraph 18 of Schedule 9 to, the Financial Services Act 2012.

Section 206 was amended by section 37 of, and paragraph 12 of Schedule 9 to, the Financial Services Act 2012.

Paragraph 23 of Part 3 of Schedule 1ZA was amended by section 47 of, and paragraphs 1 and 16 of Schedule 3 to, the Pension Schemes Act 2015 (c. 8) and by section 129 of, and paragraphs 7(1) and (3) of Part 1 of Schedule 8 to, the Financial Services (Banking Reform) Act 2013 (c.33) and by S.I. 2013/1773.

Paragraph 25 of Part 4 of Schedule 1ZA was amended by section 109(1) of the Financial Services (Banking Reform) Act 2013.

OJ No L 94, 30.3.2012, p.22.

1998 c.42.

Section 234I was inserted by section 129 of, and paragraphs 1 and 3 of Part 1 of Schedule 8 to, the Financial Services (Banking Reform) Act 2013.

Section 234J was inserted by section 129 of, and paragraphs 1 and 3 of Part 1 of Schedule 8 to, the Financial Services (Banking Reform) Act 2013.

Section 133 was substituted by S.I. 2010/22 and subsequently amended by section 23(1) and (2) of the Financial Services Act 2012 (c. 21), and section 17 of, and paragraph 83 of Part 3 of Schedule 9 to, the Crime and Courts Act 2013 (c. 22) and by S.I. 2013/1388 and S.I. 2014/3329.

Section 133B was substituted by S.I. 2010/22 and subsequently amended by section 23(1) and (4) of the Financial Services Act 2012.

Section 133A was substituted by S.I. 2010/22 and subsequently amended by section 23(1) and (3) of the Financial Services Act 2012.

Section 165A was inserted by section 18(1) and (2) of the Financial Services Act 2010 (c.28) and subsequently amended by section 41 of, and paragraph 2 of Part 1 of Schedule 12 to, the Financial Services Act 2012. Section 165B was inserted by section 18(1) and (2) of the Financial Services Act 2010 and subsequently amended by section 41 of, and paragraph 3 of Part 1 of Schedule 12 to, the Financial Services Act 2012. Section 165C was inserted by section 18(1) and (2) of the Financial Services Act 2010 and subsequently amended by section 41 of, and paragraph 4 of Part 1 of Schedule 12 to, the Financial Services Act 2012.

Section 169A was inserted by section 18(1) and (3) of the Financial Services Act 2010 and subsequently amended by section 41 of, and paragraph 10 of Part 1 of Schedule 12 to, the Financial Services Act 2012.

Section 165 was amended by section 24(1) and (2) of, and by paragraphs 1 and 15 of Part 1 of Schedule 2 to, the Financial Services Act 2010, and by section 41 of, and paragraph 1 of Part 1 of Schedule 12 to, the Financial Services Act 2012, and by S.I. 2013/1773 and S.I. 2015/575.

Section 166 was substituted by section 41 of, and paragraph 5 of Part 1 of Schedule 12 to, the Financial Services Act 2012.

Section 166A was inserted by section 41 of, and paragraph 6 of Part 1 of Schedule 12 to, the Financial Services Act 2012.

Section 167 was amended by section 41 of, and paragraph 7(1), (2) and (3) of Part 1 of Schedule 12 to, the Financial Services Act 2012, and by S.I. 2007/126 and S.I. 2015/575.

Section 168 was amended by section 41 of, and paragraphs 8(1), 8(2)(a) and (b), 8(3)(a) and (b), 8(4)(a)-(g), 8(5) and 8(6) of Part 1 of Schedule 12 to, the Financial Services Act 2012, by section 47 of, and paragraph 1 and 11 of Schedule 3 to, the Pension Schemes Act 2015 (c.8), and by section 62 of, and paragraph 33 of Part 7 of Schedule 7 to, the Counter-Terrorism Act 2008 (c. 28), and by section 24(1) and (2) of, and paragraphs 1 and 16(1), (2) and (3) of Part 1 of Schedule 2 to, the Financial Services Act 2010, and by S.I. 2007/126, S.I. 2012/2554 and S.I. 2013/1773.

Section 169 was amended by section 41 of, and paragraph 9(1), (2) and (6) of Part 1 of Schedule 12 to, the Financial Services Act 2012.

Section 170 was amended by section 41 of, and paragraph 10 of Part 1 of Schedule 12 to, the Financial Services Act 2012.

Section 171 was amended by S.I. 2007/126.

Section 174 was amended by section 41 of, and paragraph 12 of Part 1 of Schedule 12 to, the Financial Services Act 2012.

Section 175 was amended by section 41 of, and paragraph 13 of Part 1 of Schedule 12 to, the Financial Services Act 2012.

Section 176 was amended by section 41 of, and paragraph 14 of Part 1 of Schedule 12 to, the Financial Services Act 2012, and by section 24(1) and (2) of, and paragraphs 1 and 17 of Part 1 of Schedule 2 to, the Financial Services Act 2010, and by S.I. 2005/1433.

Section 348 was amended by section 24(1) and (2) of, and paragraphs 1 and 26 of Part 1 of Schedule 2 to, the Financial Services Act 2010, and by section 41 of, and paragraph 18 of Part 2 of Schedule 12 to, the Financial Services Act 2012, and by section 129 of, and paragraph 5 of Part 1 of Schedule 8 to, the Financial Services (Banking Reform) Act 2013.

Section 349 was amended by section 41 of, and paragraph 19(1) to (4) of Part 2 of Schedule 12 to, the Financial Services Act 2012, and by section 964(1) and (4) of the Companies Act 2006 (c.46), and by S.I. 2006/1183 and S.I. 2007/1093.

Section 391A was inserted by S.I. 2013/3115.

Section 387 was amended by section 37(1) of, and paragraph 1 of Part 1 and paragraph 26 of Part 6 of Schedule 9 to, the Financial Services Act 2012.

Section 388 was amended by section 37(1) of, and paragraph 1 of Part 1 and paragraph 27 of Part 6 of Schedule 9 to, the Financial Services Act 2012.

Section 390 was amended by section 37(1) of, and paragraph 1 of Part 1 and paragraph 29 (1) to (5) of Part 6 of Schedule 9 to, the Financial Services Act 2012, and by S.I. 2010/22.

Section 391 was amended by sections 24(2) and 37(1) of, and paragraph 1 of Part 1 and paragraph 30 (1) to (8) of Part 6 of Schedule 9 to, the Financial Services Act 2012, and by sections 13(1) and (3) and 24(1) and (2) of, and paragraphs 1 and 28 of Part 1 of Schedule 2 to, the Financial Services Act 2010 and by S.I. 2012/916, S.I. 2013/1388, S.I. 2013/3115, and S.I. 2014/2879.

Section 392 was amended by sections 18(1) and (5), section 35, section 37(1) and section 42 of, and paragraphs 1 and 37 of Schedule 8, and paragraph 1 of Part 1 and paragraph 31 of Part 6 of Schedule 9 and paragraph 8 of Schedule 13 to, the Financial Services Act 2012, and by section 24(1) and (2) of, and paragraphs 1 and 29 of Part 1 of Schedule 2 to, the Financial Services Act 2010, and by S.I. 2007/126 and S.I. 2013/1388.

Section 395 was amended by section 17(1) and (3), section 18(1) and (6), section 19(2), section 24(3) and section 37(1) of, and paragraph 1 of Part 1 and paragraph 34 (1) to (15) of Part 6 of Schedule 9 to, the Financial Services Act 2012 and by S.I. 2005/381, S.I. 2005/1433, S.I. 2007/1973, S.I. 2009/534 and S.I. 2013/1388.

Section 398 was amended by section 37(1) of, and paragraph 1 of Part 1 and paragraph 36(1) and (3) of Part 7 of Schedule 9 to, the Financial Services Act 2012, and by S.I. 2013/1773.

Section 401 was amended by section 37(1) of, and paragraph 1 of Part 1 and paragraph 38 of Part 7 of Schedule 9 to, the Financial Services Act 2012 and by S.I. 2013/1881.

S.I. 2001/1420.

Regulation 1(2) was amended by S.I. 2010/1193, S.I. 2013/472 and S.I. 2014/549.

S.I. 2001/2188.

Regulation 2 was amended by S.I. 2003/693, S.I. 2003/2066, S.I. 2004/1862, S.I. 2004/3379, S.I. 2006/3413, S.I. 2010/2628, S.I. 2012/916, S.I. 2012/2554, S.I. 2013/472, S.I. 2013/504, S.I. 2013/1162, S.I. 2013/1773, S.I. 2013/3115, S.I. 2014/3348, S.I. 2015/575, and S.I. 2015/910.

Regulation 8 was substituted by S.I. 2006/3413 and subsequently amended by S.I. 2012/916, S.I. 2013/504 and S.I. 2014/3348.

Regulation 11 was amended by S.I. 2003/2066, S.I. 2006/3413, S.I. 2011/1613, S.I. 2012/916, S.I. 2013/504 and S.I. 2014/3348.

Editorial notes

Words in reg. 25(1)(b) substituted (26.6.2017) by The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (S.I. 2017/692), reg. 1(2), Sch. 7 para. 33 (with regs. 8, 15)

Reg. 26(2)(g) inserted (30.10.2017) by The Immigration Act 2016 (Consequential Amendments) Regulations 2017 (S.I. 2017/931), regs. 1, 2(2)

Words in reg. 10(1) substituted (13.1.2018) by The Payment Services Regulations 2017 (S.I. 2017/752), reg. 1(6), Sch. 8 para. 25(c) (with reg. 3)

Word in reg. 2(1) substituted (13.1.2018) by The Payment Services Regulations 2017 (S.I. 2017/752), reg. 1(6), Sch. 8 para. 25(a) (with reg. 3)

Words in reg. 8(1)(a) substituted (13.1.2018) by The Payment Services Regulations 2017 (S.I. 2017/752), reg. 1(6), Sch. 8 para. 25(b) (with reg. 3)

Words in Sch. 3 para. 4(1)(e) substituted (13.1.2018) by The Payment Services Regulations 2017 (S.I. 2017/752), reg. 1(6), Sch. 8 para. 25(d)(i) (with reg. 3)

Words in Sch. 3 para. 5(3) substituted (13.1.2018) by The Payment Services Regulations 2017 (S.I. 2017/752), reg. 1(6), Sch. 8 para. 25(d)(ii) (with reg. 3)

Words in Sch. 3 para. 6(3) substituted (13.1.2018) by The Payment Services Regulations 2017 (S.I. 2017/752), reg. 1(6), Sch. 8 para. 25(d)(iii) (with reg. 3)

Words in Sch. 5 para. 3(2) substituted (13.1.2018) by The Payment Services Regulations 2017 (S.I. 2017/752), reg. 1(6), Sch. 8 para. 25(e) (with reg. 3)

Words in reg. 2(1) omitted (6.4.2019) by virtue of The Financial Guidance and Claims Act 2018 (Naming and Consequential Amendments) Regulations 2019 (S.I. 2019/383), reg. 1(1), Sch. para. 27(a)(i)

Words in reg. 2(1) inserted (6.4.2019) by The Financial Guidance and Claims Act 2018 (Naming and Consequential Amendments) Regulations 2019 (S.I. 2019/383), reg. 1(1), Sch. para. 27(a)(ii)

Words in reg. 12 substituted (6.4.2019) by The Financial Guidance and Claims Act 2018 (Naming and Consequential Amendments) Regulations 2019 (S.I. 2019/383), reg. 1(1), Sch. para. 27(b)

Words in reg. 27(1) substituted (6.4.2019) by The Financial Guidance and Claims Act 2018 (Naming and Consequential Amendments) Regulations 2019 (S.I. 2019/383), reg. 1(1), Sch. para. 27(c)

Reg. 17 omitted (31.12.2020) by virtue of The Payment Accounts (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/661), regs. 1(3), 4(b) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

Words in reg. 2(1) omitted (31.12.2020) by virtue of The Payment Accounts (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/661), regs. 1(3), 5(a) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

Words in reg. 2(1) omitted (31.12.2020) by virtue of The Payment Accounts (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/661), regs. 1(3), 5(b) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

Words in reg. 3(1) substituted (31.12.2020) by The Payment Accounts (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/661), regs. 1(3), 6(a) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

Word in reg. 3(2) inserted (31.12.2020) by The Payment Accounts (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/661), regs. 1(3), 6(b)(i) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

Reg. 3(2)(c) and word omitted (31.12.2020) by virtue of The Payment Accounts (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/661), regs. 1(3), 6(b)(ii) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

Reg. 4(1) substituted (31.12.2020) by The Payment Accounts (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/661), regs. 1(3), 7(a) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

Reg. 4(2) omitted (31.12.2020) by virtue of The Payment Accounts (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/661), regs. 1(3), 7(b) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

Reg. 5 omitted (31.12.2020) by virtue of The Payment Accounts (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/661), regs. 1(3), 4(a) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

Words in reg. 8(1)(b) inserted (31.12.2020) by The Payment Accounts (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/661), regs. 1(3), 8 (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1) (as amended by S.I. 2020/1301, regs. 1, 3 Sch. para. 36)

Words in reg. 18(1) substituted (31.12.2020) by The Payment Accounts (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/661), regs. 1(3), 9 (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

Reg. 19(3A) inserted (31.12.2020) by The Payment Accounts (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/661), regs. 1(3), 10(b) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

Words in reg. 19(1)(c) substituted (31.12.2020) by The Payment Accounts (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/661), regs. 1(3), 10(a) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

100

Words in reg. 19(1)(d) substituted (31.12.2020) by The Payment Accounts (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/661), regs. 1(3), 10(a) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

101

Words in reg. 20(1) substituted (31.12.2020) by The Payment Accounts (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/661), regs. 1(3), 11 (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

102

Words in reg. 23(1) substituted (31.12.2020) by The Payment Accounts (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/661), regs. 1(3), 3(a) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

103

Words in reg. 23(2)(a) substituted (31.12.2020) by The Payment Accounts (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/661), regs. 1(3), 3(a) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

104

Words in reg. 26(2)(d) substituted (31.12.2020) by The Payment Accounts (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/661), regs. 1(3), 3(b) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

105

Reg. 43(1)(b) omitted (31.12.2020) by virtue of The Payment Accounts (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/661), regs. 1(3), 13(b) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

106

Words in reg. 43(1) substituted (31.12.2020) by The Payment Accounts (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/661), regs. 1(3), 13(a) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

107

Reg. 43(2) omitted (31.12.2020) by virtue of The Payment Accounts (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/661), regs. 1(3), 13(b) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

108

Sch. 1 para. 1 substituted (31.12.2020) by The Payment Accounts (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/661), regs. 1(3), 14(a) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

109

Words in Sch. 1 para. 4(e) omitted (31.12.2020) by virtue of The Payment Accounts (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/661), regs. 1(3), 14(b) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

110

Sch. 2 para. 1 substituted (31.12.2020) by The Payment Accounts (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/661), regs. 1(3), 15 (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

111

Words in Sch. 7 para. 2(8)(c) inserted (31.12.2020) by The Payment Accounts (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/661), regs. 1(3), 16(2)(a) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

112

Words in Sch. 7 para. 2(10)(a) omitted (31.12.2020) by virtue of The Payment Accounts (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/661), regs. 1(3), 16(2)(b)(i) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

113

Words in Sch. 7 para. 2(10)(a) inserted (31.12.2020) by The Payment Accounts (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/661), regs. 1(3), 16(2)(b)(ii) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

114

Word in Sch. 7 para. 4(6)(b) omitted (31.12.2020) by virtue of The Payment Accounts (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/661), regs. 1(3), 16(3)(a) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

115

Word in Sch. 7 para. 4(6)(b) inserted (31.12.2020) by The Payment Accounts (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/661), regs. 1(3), 16(3)(b) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

116

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)

117

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)

118

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)

119

Words in reg. 2(1) omitted (1.1.2024) by virtue of The Financial Services and Markets Act 2023 (Consequential Amendments) Regulations 2023 (S.I. 2023/1410), regs. 1(2), 11(2)(a)

120

Words in reg. 2(1) omitted (1.1.2024) by virtue of The Financial Services and Markets Act 2023 (Consequential Amendments) Regulations 2023 (S.I. 2023/1410), regs. 1(2), 11(2)(b)

121

Words in reg. 2(1) omitted (1.1.2024) by virtue of The Financial Services and Markets Act 2023 (Consequential Amendments) Regulations 2023 (S.I. 2023/1410), regs. 1(2), 11(2)(c)

122

Word in reg. 28(1)(a) omitted (1.1.2024) by virtue of The Financial Services and Markets Act 2023 (Consequential Amendments) Regulations 2023 (S.I. 2023/1410), regs. 1(2), 11(3)

123

Word in reg. 29(1) omitted (1.1.2024) by virtue of The Financial Services and Markets Act 2023 (Consequential Amendments) Regulations 2023 (S.I. 2023/1410), regs. 1(2), 11(4)

124

Word in reg. 30(1) omitted (1.1.2024) by virtue of The Financial Services and Markets Act 2023 (Consequential Amendments) Regulations 2023 (S.I. 2023/1410), regs. 1(2), 11(5)

125

Reg. 40A omitted (1.1.2024) by virtue of The Financial Services and Markets Act 2023 (Consequential Amendments) Regulations 2023 (S.I. 2023/1410), regs. 1(2), 11(6)

Technical standards

40A

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Authority’s exemption from liability in damages

Application and modification

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