Jurisdiction(s):
European Union

EU Payment Accounts Directive: fee transparency, switching, basic accounts, and EBA RTS/ITS; UK implementation and post‑Brexit amendments

Published by a LexisNexis EU Law expert

Practice notes

What is the Payment Accounts Directive and what are the key protections it offers consumers?

The Payment Accounts Directive (PAD) is designed to improve transparency and comparability for consumers in relation to payment accounts. In particular, the PAD:

helps consumers compare charges applied by banks and other providers across the European Union (EU)
makes it simpler for consumers to switch payment accounts
gives all EU consumers the right to open a payment account that enables essential activities such as receiving wages and paying bills

This Practice Note explains the background and provides an overview of the PAD’s provisions, together with the technical standards and guidelines issued under it. It should be read alongside Practice Note: UK payment accounts requirements—essentials, which outlines the UK implementation of the PAD through the Payment Accounts Regulations 2015, SI 2015/2038 (PARs 2015). It also examines UK developments following the introduction of the PARs 2015, as well as developments as the transitional period came to an end after the UK’s decision to leave the EU, including changes introduced to fix deficiencies so the UK payment accounts regime can function...

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Jeanette Burgess

Walker Morris

Recognised by UK legal directory Chambers as a national expert in consumer finance law, Jeanette advises a wide range of clients including lenders, brokers and credit reference agencies ranging from start ups to international organisations including banks. She has 17 years experience in retail financial services law, including a stint as in-house counsel with a major UK lender and as a regulator with the enforcement team of the Financial Services Authority (FSA). Jeanette's strong links with a number of trade associations, including the Consumer Credit Association, the British Cheque and Credit Association and the National Pawnbrokers Association, (which she advises on legal compliance matters) and with regulators at the OFT and the FSA underlie a practical and commercial approach to legal advice. ...

Web page updated on 21/05/2026

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