PAD takes effect

Treasury has confirmed how the UK has met its obligations to implement the Payment Accounts Directive into UK law. It has done this mainly through the Payment Accounts Regulations 2016, which took effect on 18 September. It has designated 9 banks under the Regulations to be obliged to provide basic accounts, and appointed FCA and the PSR as competent authorities under them. Additional measures comprise the PSR designating CASS as an alternative switching account, and the MAS providing information about basic accounts on its website. MAS will also have to provide transparency information on fees for services associated with payment accounts, but it cannot do this until the Commission has agreed the relevant RTS.