FCA publishes PAD linked services list

FCA has published the final list of the most representative services linked to a payment account and subject to a fee for the purposes of the Payment Accounts Regulations. Firms will have to use the terminology from 31 October.

There are 15 defined services:

  • maintaining the account
  • arranged overdraft
  • unarranged overdraft
  • refusing a payment due to lack of funds
  • allowing a payment despite lack of funds
  • direct debit
  • standing order
  • sending money within the UK
  • sending money outside the UK
  • receiving money from outside the UK
  • cash withdrawal in pounds in the UK
  • cash withdrawal in foreign currency outside the UK
  • debit card payment in pounds
  • debit card payment in foreign currency
  • cancelling a cheque