Regulatory Alerts2019-03-05
Order ECE/228/2019, of 28 February, on basic payment accounts, payment account transfer procedures and requirements for comparison websites
The Spanish Ministry of Economy and Business issued Order ECE/228/2019 to transpose EU Directive 2014/92/EU by establishing a maximum monthly fee of €3 for standard basic payment accounts, mandating free account transfers between payment service providers, and imposing transparency and independence standards on fee comparison websites. The regulation initially applies basic payment account rules exclusively to credit institutions, while extending transfer procedures to all payment service providers and comparison website requirements to any natural or legal person operating such platforms. It further mandates a 12-month government evaluation report, aligns terminology with Bank of Spain standards, and reinforces consumer dispute resolution mechanisms and supervisory powers for the Bank of Spain.