Regulatory Alerts2019-04-04
Circular 2/2019 of the Bank of Spain on the requirements for the Fee Information Document and Fee Statement, and payment account comparison websites, amending Circular 5/2012
The Bank of Spain issued Circular 2/2019 to implement EU Directive 2014/92/EU by establishing detailed requirements for the Fee Information Document and Fee Statement, and regulating payment account comparison websites. The regulation mandates standardized terminology, specific formatting for fee disclosures, and periodic reporting by payment service providers and credit institutions to ensure transparency and comparability of costs. It also amends Circular 5/2012 to align existing banking transparency rules with new basic payment account regulations and introduces verification obligations for third-party comparison site operators.
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