Thu. Oct 22nd, 2020

Planet Compliance

Innovation & Regulation in Finance

FCA consults on handbook changes to Payment Accounts Regulations

2 min read

The FCA today issued CP16/7: Payment Accounts Regulations 2015 – draft Handbook changes and draft guidance. Following the making of the Payment Accounts Regulations 2015 (PARs), the FCA is consulting on proposed changes to its Handbook. It is also proposing to issue guidance aimed at assisting payment service providers with the implementation of the PARs. The statement and related information can be found here.

The Payment Accounts Directive (PAD) has been implemented in the UK by means of the Payment Accounts Regulations (PARs), which were made in December 2015. The provisions on switching, payment accounts with basic features, and packaged accounts take effect on 18 September 2016.

The PARs require some changes to be made to our Handbook before this date, and we are now seeking stakeholders’ views on the proposed amendments. We are also consulting on proposed non-Handbook guidance to assist payment service providers with the implementation of certain aspects of the PARs.

The FCA proposes to:

  • issue guidance on the definition of a ‘payment account’ for the purposes of the PARs
  • issue guidance on the implementation of the provisions on packaged accounts
  • introduce new regulatory reporting requirements in relation to switching and payment accounts with basic features
  • make minor Handbook changes in order to take account of the provisions in the PARs on packaged accounts and switching
  • update our Decision Procedures and Penalties Manual (DEPP) and Enforcement Guide (EG) to reflect the powers of enforcement we have been given under the PARs

CP16/7: Payment Accounts Regulations 2015 – draft Handbook changes and draft guidance [PDF]

Who is this consultation aimed at?

The consultation will primarily be of interest to:

  • banks
  • building societies
  • e-money institutions
  • other providers of payment accounts
  • trade bodies representing providers of payment accounts

It may also be of interest to organisations representing the interests of consumers.

Next steps

Feedback on the proposals can be send until by 3 May 2016 using the online response form or by emailing the FCA at

The FCA will consider feedback and publish its final Handbook changes and finalised guidance as soon as possible before the implementation deadline of 18 September 2016.

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