Implementation of the Payment Accounts Directive

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Introduction

Directive (2014/92/EU), published in the Official Journal on 28 August 2014, concerns three areas:

Comparability of payment account fees: consumers would be able to compare the fees charged for payment accounts by payment service providers in the EU;

Access to payment accounts: these provisions provide all EU consumers, without being residents of the country where the credit institution is located and irrespective of their financial situation, with a right to open a payment account that allows them to perform essential operations, such as receiving their salary, pensions and allowances or payment of utility bills etc

Payment account switching: it establishes a simple and quick procedure for consumers who wish to switch their payment account to one with another payment service provider within the same Member State and to assist consumers who hold a payment account with a bank and want to open another account in a different country.

The three areas are closely related. The measures on comparability of payment account fees allow consumers to have a complete overview of the offers on the market, and the measures on switching make it easy for them to change their account if a better offer is available. All these elements aim to reinforce competition in the financial services market to the benefit of consumers. However, to guarantee that as many consumers as possible can really enjoy the benefits of these improvements, it is essential to ensure that every EU citizen has the right of access to basic payment account services.

All member states are required to transpose the Directive into their own laws by 18 September 2016.

The Consumer Complaints Unit is the unit within the MFSA responsible for the transposition and implementation of the Directive.

 

Request for Feedback

The PAD introduces a requirement to standardise terms and definitions to describe the key services that are linked to payment accounts and subject to a fee. This process has a number of stages, some of which are performed at national level, others at EU level.

As part of this process, each Member State is required to develop a list of key services linked to payment accounts in Malta.

The MFSA is requesting feedback on the services that could be included on the list, as well as terms and definitions to describe them. The deadline for submission of feedback to MFSA is 12 August 2015.

The Request for Feedback document is available here.

 

Submission to the European Banking Authority 

The MFSA is grateful for feedback and suggestions received from stakeholders following publication of the consultation document in June.  The document which has been submitted by the MFSA to the European Banking Authority is available here

 

Consultation document 

On the 15 March 2016 the Authority launched a consultation on the implementation of the EU Payment Accounts Directive. Click here for the consultation document. The consultation will run through 29 April 2016.


Consultation Summary Feedback 

On the 24 May 2016 the Authority issued a feedback statement following a Consultation on the implementation of the EU Payment Accounts Directive. Click here for the consultation document.

 

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Last updated: Apr 20, 2017