In March 2016 we consulted on guidance on the provisions on packaged accounts contained in the Payment Accounts Regulations 2015 (PARs). We have now published the finalised guidance.
Our finalised guidance is relevant to payment service providers (PSPs) that offer payment accounts to consumers as part of a package together with another product or service which is not linked to a payment account.
Regulation 13 of the PARs requires PSPs to make certain disclosures when offering such packaged accounts. Our guidance clarifies our expectations of PSPs in this regard.
We consulted on the draft guidance as part of Consultation Paper 16/7: The Payment Accounts Regulations 2015 – draft Handbook changes and draft guidance.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.