HM Treasury has published a summary of the responses it received to its summer consultation on implementing the Payment Accounts Directive (PAD), together with an impact assessment and draft version of the Payment Accounts Regulations 2015 (the Regulations).
The Government needs to implement the PAD by 18 September 2016, thus requiring the Government to make new secondary legislation and to apply and modify provision in existing legislation that underpins the regulation of relevant payment accounts.
After being laid in Parliament, the Regulations will be subject to scrutiny by both Houses of Parliament before it is made and comes into effect. After the Regulations have been made, the FCA will consult on any rule changes it considers necessary to give effect to them. The Payment Systems Regulator will consider the appropriate designation and monitoring process and will provide further information on this in due course.
View Consultation outcome: Implementation of the EU payment accounts directive, 16 November 2015