Policy paper

UK compliance with the EU Payment Accounts Directive

This document provides information on how the UK has met its responsibilities under the EU Payment Accounts Directive (PAD).



On 23 June, the EU referendum took place and the people of the United Kingdom voted to leave the European Union. Until exit negotiations are concluded, the UK remains a full member of the European Union and all the rights and obligations of EU membership remain in force. During this period the government will continue to negotiate, implement and apply EU legislation. The outcome of these negotiations will determine what arrangements apply in relation to EU legislation in future once the UK has left the EU.

The EU Payment Accounts Directive (PAD) (Directive 2014/92/EU) was published in the Official Journal of the European Union on 28 August 2014. The directive sets common regulatory standards that EU member states are required to meet in order to:

  • improve the transparency and comparability of fees related to payment accounts that are used for day-to-day payment transactions
  • facilitate switching of those accounts
  • ensure access to bank accounts with basic features

The government is required to have implemented PAD in the United Kingdom by 18 September 2016.

Published 18 September 2016