EU Payment Accounts Directive
Produced in partnership with Jeanette Burgess of Walker Morris

The following Financial Services practice note produced in partnership with Jeanette Burgess of Walker Morris provides comprehensive and up to date legal information covering:

  • EU Payment Accounts Directive
  • What is the Payment Accounts Directive and what are the key protections it offers consumers?
  • The background to the PAD and its current status
  • Comparability of fees connected with payment accounts under the Payment Accounts Directive
  • Fee information document and glossary
  • Statement of fees
  • Information for consumers
  • Comparison websites
  • Payment accounts packaged with another product or service
  • Account switching under the Payment Accounts Directive
  • More...

EU Payment Accounts Directive

What is the Payment Accounts Directive and what are the key protections it offers consumers?

The Payment Accounts Directive (PAD) is intended to enhance transparency and comparability for consumers in respect of payment accounts. In particular, the PAD:

  1. makes it easier for consumers to compare fees charged by banks and other service providers across the European Union (EU)

  2. facilitates consumer switching of payment accounts; and

  3. entitles all EU consumers to open a payment account that enables them to perform essential functions such as receiving their salary and paying bills

This Practice Note provides a background to, and gives an overview of, the provisions of the PAD and the technical standards and guidelines made under it. This Practice Note should be read in conjunction with Practice Note: UK payment accounts requirements—essentials, which provides an overview of the UK implementation of the PAD through the Payment Accounts Regulations 2015, SI 2015/2038 (PARs 2015). It also looks at UK developments after implementation of the PARs 2015, as well as developments the transitional period came to an end following the UK’s decision to leave the EU, including changes made to fix deficiencies to enable the UK payment accounts regime to function correctly after Brexit.

The background to the PAD and its current status

The PAD has its origins in the European Commission's (Commission) consultation on retail bank accounts, opened

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