Regulatory Alerts2025-02-11
Consumer Payment Account Act (VZKG)
The Austrian Federal Chamber of Labour and the Financial Market Authority issued the Consumer Payment Account Act to regulate payment service providers and credit institutions regarding consumer payment accounts. The legislation mandates standardized fee information documents, annual fee statements, and a public comparison website to ensure transparency and comparability of account costs. It further establishes strict obligations for switching services, non-discriminatory access to basic payment accounts, and defines the supervisory duties of the competent authority.
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