The Payment Accounts Regulations 2015 No. 2038

SCHEDULE 5 Fees connected with alternative arrangements etc.

Fees connected with the alternative arrangement

3.—(1) At the request of a consumer, a participating payment service provider must provide the consumer free of charge with details of any standing orders and direct debits applicable to the accounts that the consumer holds with it.

(2) Any fee payable by the consumer applied by a participating payment service provider in respect of the termination of a framework contract for the payment account held with that participating payment service provider must be determined in accordance with [F1 regulation 51] (termination of framework contract) of the Payment Services Regulations.

(3) Any fee charged to a consumer by a participating payment service provider for any service provided in connection with the switching of a payment account must be—

(a) reasonable; and

(b) no more than the actual costs to the participating payment service provider of providing the relevant service.

Textual Amendments

F1 Words in Sch. 5 para. 3(2) substituted (13.1.2018) by The Payment Services Regulations 2017 (S.I. 2017/752), reg. 1(6), Sch. 8 para. 25(e) (with reg. 3)