Payment Accounts Regulations: Linked Services List

The Payment Accounts Regulations (PARs) require us to maintain and publish a list of the most representative services linked to payment accounts that are subject to a fee in the UK. This list includes standard terms and definitions to describe these linked services, which providers of payment accounts must use where applicable.

April 2022 review

We completed our review of the Linked Services List in April 2022, having sought the views of industry and consumer bodies in January.

We wanted to understand whether the terms and definitions were still fit for purpose, or if they needed to be updated to improve the transparency and comparability of fee information for consumer payment accounts.

We decided it is not appropriate to update the list at this time, as any benefits would not in our view justify the cost that it would put on firms.

We think the list continues to meet the statutory requirements, containing the most representative services and that its purpose is still being fulfilled, which is helping consumers make an informed choice when choosing payment accounts.

Who this applies to

This will be of interest to:

  • banks 
  • building societies 
  • other providers of payment accounts falling within the scope of the PARs, for example e-money issuers 
  • trade bodies representing credit institutions and other Payment Service Providers (PSPs)
  • consumers who have a current account or other type of payment account 
  • consumer organisations

Next steps

Providers of payment accounts do not need to take any action. Under the PARs, PSPs that offer payment accounts to consumers must use the terminology in the Linked Services List in certain information and documentation, where applicable.

The next review of the Linked Services List will be within four years, from April 2022.

Stakeholder feedback

We received responses from five key stakeholders. Respondents were generally supportive of the terms and definitions and the feedback was largely consistent.

In particular, respondents felt:

  • the list was generally appropriate, although some suggested we could consider adding further services 
  • services like cancelling a cheque have become an outdated payment method and should be removed from the list
  • mandatory changes would likely incur additional costs which firms are keen to avoid at the present time
  • the current list is not exhaustive
  • there might be areas to revisit at a later point in time

More information

We compiled the Linked Services List by considering the services most commonly used by consumers and those that generated the highest costs for consumers. Each service on the list has a term and a definition.

We sought views on the list in a Call for Input and a provisional list was published in a 2015 feedback statement.

We published the final list in a 2018 feedback statement.

Page updates

: Information added More information about who this applies to, next steps and stakeholder feedback