Regulatory Alerts2016-09-21
2016 Code of Conduct on the Switching of Payment Accounts with Payment Service Providers
The Central Bank of Ireland issued this mandatory Code of Conduct to standardize and regulate the process for consumers switching payment accounts between domestic payment service providers. The document requires providers to supply comprehensive switching packs and standardized Account Transfer Forms, while mandating that new providers complete all transfer actions within ten working days and existing providers finalize account closures or data transfers within seven working days. It also establishes strict compliance obligations, including record-keeping for up to six years and enforcement powers for the Central Bank to sanction contraventions under the Central Bank Act.
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