Overview
The Payment Services and Payment Accounts (Contract Termination) (Amendment) Regulations 2025 (the Regulations) aim to enhance consumer protections against termination of payment service contracts. They are due to come into force on 28 April 2026.
The Regulations apply to credit institutions as well as payment institutions and E-Money Institutions, so online payment providers / processors fall within the scope of the Regulations.
The FCA will update its Payment Services and Electronic Money Approach Document to deal with the Regulations. At the time of writing, this has not been done.
Key Regulatory Changes
The Regulations update both the Payment Accounts Regulations 2015 (SI 2015/2038) (the 2015 Regulations) and the Payment Services Regulations 2017 (SI 2017/752) (the 2017 Regulations), with the key regulatory change being that a notice of ...
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