In March 2016 we consulted on guidance on the definition of a 'payment account' under the Payment Accounts Regulations 2015 (PARs). We have now published the finalised guidance.
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We consulted on the draft guidance as part of Consultation Paper 16/7: The Payment Accounts Regulations 2015 – draft Handbook changes and draft guidance. 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.