CP16/7: Payment Accounts Regulations 2015 - draft Handbook changes and draft guidance

Published: 02/03/2016     Last Modified: 02/03/2016

Following the making of the Payment Accounts Regulations 2015 (PARs), we are consulting on proposed changes to our Handbook. We are also proposing to issue guidance aimed at assisting payment service providers with the implementation of the PARs.

Why are we issuing this Consultation Paper?

The Payment Accounts Directive (PAD) has been implemented in the UK by means of the Payment Accounts Regulations (PARs), which were made in December 2015. The provisions on switching, payment accounts with basic features, and packaged accounts take effect on 18 September 2016.

The PARs require some changes to be made to our Handbook before this date, and we are now seeking stakeholders’ views on the proposed amendments. We are also consulting on proposed non-Handbook guidance to assist payment service providers with the implementation of certain aspects of the PARs. 

We propose to:

  • issue guidance on the definition of a ‘payment account’ for the purposes of the PARs
  • issue guidance on the implementation of the provisions on packaged accounts
  • introduce new regulatory reporting requirements in relation to switching and payment accounts with basic features
  • make minor Handbook changes in order to take account of the provisions in the PARs on packaged accounts and switching
  • update our Decision Procedures and Penalties Manual (DEPP) and Enforcement Guide (EG) to reflect the powers of enforcement we have been given under the PARs

CP16/7: Payment Accounts Regulations 2015 - draft Handbook changes and draft guidance [PDF]

Who is this consultation aimed at?

The consultation will primarily be of interest to:

  • banks
  • building societies
  • e-money institutions
  • other providers of payment accounts
  • trade bodies representing providers of payment accounts

It may also be of interest to organisations representing the interests of consumers.

Next steps

We would like to know what you think of our proposals. Please send your feedback by 3 May 2016 using the online response form or by emailing us at PADimplementation@fca.org.uk.

We will consider your feedback and publish our final Handbook changes and finalised guidance as soon as possible before the implementation deadline of 18 September 2016.

Find out more

Please see:

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