Salient aspects of the payment accounts directive 2014/92/EU

Abstract

The Payment Accounts Directive is an EU legislative act which provides for transparent and comparable payment account fees, switching services and the right of access to payment accounts with basic features. This thesis reviews documents leading to the Payment Accounts Directive. These showed that the need for the Directive had long been felt. Discussion then turns towards whether a regulation would have been more suited. It is argued that a directive was ideal for several reasons, including the EU’s shortcoming to legislate in such area. Comparison is drawn between the recitals and the enacting terms of the Directive confirming that the content of the recitals reflect its substantive provisions. Elements of the Payment Services Directive were assessed vis-à-vis the Payments Accounts Directive and laws transposing the latter were used to provide further understanding of the Directive. This thesis delves into the important topics making up the body of the Payments Account Directive including the provision of information, account switching and access and simultaneously explores the rights and obligations of the interested parties as well as points of praise and criticism levelled at some aspects of the Directive. This thesis explores the subject of payment accounts. It puts the payment account with basic features side by side with the more traditional current account and savings account. The former can be described as a means of delivering the traditional bank accounts to a wider market, with additional services, but with the overriding aim of financial inclusion. The Payment Accounts Directive endeavours to bring more EU citizens closer to the financial services sector while protecting their consumer rights. Although it imposes additional obligations on credit institutions, it can be argued that it is more akin to a specialised extension of the Payment Services Directive with a specialised focus on payment accounts.