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Detail of outcome
The Treasury received responses from 13 stakeholders, a list of which can be found in Annex A of the summary of responses. The document summarises the main issues raised by respondents under the consultation questions and outlines the government’s response to these. Amended regulations and a final stage impact assessment can be found above. We are very grateful to those who took the time to response to this consultation.
The Payment Accounts Directive sets common regulatory standards that Member States must meet in order to improve the transparency and comparability of fees related to current accounts; facilitate switching of those accounts; and ensure access to bank accounts with basic features.
The government is required to have implemented PAD in the United Kingdom by 18 September 2016.
This consultation invites views on how the EU Directive will be incorporated into UK law.
Read the news story on how this affects UK bank customers