Payment Accounts Directive and UK Payment Accounts Regulations 2015: EU and UK implementation, Brexit-related changes and key milestones timeline (2012–2023) [Archived]

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ARCHIVED: This Practice Note is archived and is no longer maintained.

The Payment Accounts Directive (Directive 2014/92/EU) (PAD) is designed to improve clarity and comparability for consumers in relation to payment accounts across the EU. Specifically, the PAD:

simplifies comparison of charges levied by banks and other providers throughout the EU
helps customers to switch payment accounts with ease, and
gives every EU consumer the right to open a payment account enabling them to carry out essential functions such as receiving their salary and paying bills

The PAD stems from the European Commission’s consultation on retail bank accounts, launched in March 2012, which evaluated the need for action in the areas of fee clarity and comparability, account switching, and access to basic payment accounts. This was preceded by a 2007 inquiry into the retail banking sector that identified these issues as obstacles to consumer choice and mobility. Subsequent attempts by Member States to address the problems independently at national level led to a lack of uniformity across the EU, to the detriment of the single market...

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Web page updated on 20/05/2026

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