Call for Input: Terms and definitions for services which are linked to payment accounts and subject to fees

We are required under the EU Payment Accounts Directive (PAD) to develop a list of the key services linked to payment accounts that are subject to a fee in the UK. We are seeking views on the services we propose to include on the list and on our suggested terms and definitions to describe these services.

Why are we seeking views on this?

We aim to develop the list in a structured, evidence-based way and to take into account the views of relevant stakeholders. We believe this will enable better outcomes for UK consumers under PAD.

With this Call for Input we are seeking views on the services we propose to include on the list and on our suggested terms and definitions to describe these services. The responses we receive will help to inform the UK position when some of the terms and definitions are standardised at EU level.

Call for Input: Terms and definitions for services which are linked to payment accounts and subject to fees [PDF]

Who is this Call for Input aimed at?

This will be of interest to:

  • banks
  • building societies
  • other providers of payment accounts falling within the scope of PAD, for example e-money issuers
  • trade bodies representing credit institutions and other payment service providers
  • consumers who have a current account or other type of payment account
  • consumer organisations

What is the background to this?

The EU Payment Accounts Directive (PAD) was adopted in July 2014. One of its aims is to improve the transparency and comparability of fee information in relation to payment accounts for consumers. This includes introducing standardised terms and definitions to describe the key services linked to payment accounts that are subject to a fee. Standardisation is to take place over a period of several years and involves actions at both national and EU levels.

As part of this, we are required to develop a list of between 10 and 20 of the ‘most representative services’ linked to payment accounts in the UK. We are to compile this by considering the services most commonly used by consumers and those that generate the highest costs for consumers.

For each service on the list, a term and a definition must be included. To gain a better understanding of consumer preferences regarding terminology, we commissioned qualitative consumer research. Our findings informed our choice of terms and definitions. The full findings of the consumer testing are in Optimisa Research’s report Payment Accounts Directive: services linked to payment accounts.

What are the next steps?

We would like to know what you think of our proposals. Please send your feedback by 17 July 2015 by using the online response form or by emailing us at [email protected].

We will publish a Feedback Statement during the first half of September 2015. We will summarise the feedback of respondents to our Call for Input and explain any changes we have made to the list of services, terms and definitions.

Want to find out more?

Please see: