The Financial Conduct Authority (FCA) has published the final list of the most representative services linked to a payment account and subject to a fee within the meaning of Regulation 3 of the Payment Accounts Regulations. The move is part of the EU Payment Accounts Directive’s goal to improve the transparency and comparability of fee information in relation to payment accounts for consumers. Firms will be required to use the terminology in this list from 31 October 2018.
The regulation applies to:
- building societies
- other providers of payment accounts falling within the scope of PAD, for example, e-money issuers
- trade bodies representing credit institutions and other payment service providers
- consumers who have a current account or another type of payment account
- consumer organisations