Our finalised guidance is relevant to payment service providers (PSPs). This includes banks, building societies, e-money institutions and payment institutions.
In order to comply with the requirements of the PARs, all PSPs should consider whether they offer accounts that fall within the definition of a ‘payment account’ under the PARs and are therefore in the scope of Parts 2 and 3 of the PARs (fee information and switching). Our guidance aims to assist PSPs with this task.
We consulted on the draft guidance as part of Consultation Paper 16/7: The Payment Accounts Regulations 2015 – draft Handbook changes and draft guidance[1]. We summarise the feedback we received and set out our responses to the specific issues raised in Policy Statement 16/20: Payment Accounts Regulations 2015 – feedback on CP16/7, final Handbook changes and finalised guidance[2].
FG16/6: Payment Accounts Regulations 2015 – definition of a ‘payment account’[3] (PDF)