Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Premium definition

What does Premium mean? In legal and financial practice, premium describes an amount paid above a reference value, or the contractual price for cover or rights. It is a descriptive term used across contexts rather than a single statutory definition; its precise meaning depends on the relevant contract, instrument or statute. Capital markets: for securities trading above par, the premium is the excess over par value. A redemption or call premium is the extra sum payable to redeem callable securities before maturity. The term is also used for a margin or spread above a benchmark rate or price (for example, a yield premium over gilts). Corporate/M&A...

UK premium rate services: archived guidance on the Phone-paid Services Authority’s 15th Code of Practice—scope, registration, standards, supervision and enforcement under the pre-1 February 2025 regime

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Practice notes

ARCHIVED: This has been archived and is not maintained.

This Practice Note explains the legal framework governing Premium rate services (PRS) in the UK, and includes guidance on the 15th Code of practice (the Code) issued by the Phone-paid Services Authority (PSA) when it acted as the regulator for the PRS industry at the time. Information, entertainment and other similar services delivered via electronic communications networks (ECNs), with charges typically recovered through a user’s electronic communications services (ECSs) bill, are treated as PRS and are regulated by Ofcom and were previously overseen by the PSA. Up to February 2025, the PSA regulated PRS as Ofcom’s agent, with the governing principles set out in the Code. Following a market review, Ofcom assumed direct responsibility for PRS regulation from the PSA. The Code has been superseded by the Regulation of Premium Rate Services Order 2024, SI 2024/1046, which now sets out the regulatory obligations for controlled PRS (CPRS). This Practice Note provides practical guidance on the Code and the earlier regime that applied while the PSA was the regulator. For practical guidance on the regime in force from 1 February 2025, see Practice Note: Premium rate services.

Legal framework

The term PRS...

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Web page updated on 22/05/2026

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