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EBA Draft Technical Standards on Payment Accounts Directive (PAD)

Core Content

The European Banking Authority (EBA) is preparing draft Regulatory Technical Standards (RTS) and Implementing Technical Standards (ITSs) under the Payment Accounts Directive (PAD), with the goal of enhancing transparency and comparability for consumers. These standards aim to standardise terminology and the presentation format of fee information documents (FID) and statements of fees (SoF), ensuring a uniform approach across the EU.

Main Viewpoints

• Purpose of Public Hearings: EBA organises public hearings to gather stakeholder input on its draft technical standards. These hearings provide a summary of the Consultation Paper (CP), re-produce its questions, and allow participants to request further explanations. However, they do not replace written responses, which are essential for the EBA to consider stakeholder views.

• EBA's Role and Scope: Established in 2011 by Regulation (EC) No. 1093/2010, the EBA is an independent authority accountable to the EU Parliament and Council. It oversees various financial directives, including PAD, and has developed over 200 legal instruments and 111 reports since its inception.

• Approach to Developing Standards: The EBA follows a structured five-step process and applies four key criteria when developing the RTS and ITSs:

  • Understanding: Ensures the language and format are consumer-friendly and easy to comprehend.
  • Comparability: Standardises terminology and document formats across the EU to allow for easier comparison.
  • Easy Production: Provides clear, detailed instructions for payment service providers (PSPs) to complete the templates.
  • Consumer-friendliness: Conducts consumer testing and adjusts the templates accordingly.

Key Information

Draft RTS on Standardised Terminology

• Mandate: Under Article 3(4) of PAD, the EBA is tasked with developing a standardised terminology for common payment account services.
• Proposed Services:
  • Maintaining the account: The account provider operates the account for use by the customer.
  • Providing a debit card: The amount of each transaction is taken directly and in full from the customer’s account.
  • Providing a credit card: The total amount of transactions is taken from the customer’s account, with interest determined by a credit agreement.
  • Arranged overdraft: The customer may borrow money when there is no money left in the account, with defined fees and interest.
  • Sending money: Transferring money from the customer’s account to another account.
  • Standing order: Regular transfers of a fixed amount from the customer’s account.
  • Direct debit: The customer permits someone else to instruct the account provider to transfer money.
  • Cash withdrawal: The customer takes cash out of their account.

Draft ITS on FID (Fee Information Document)

• Mandate: Under Article 4(6) of PAD, the EBA proposes a standardised format for the FID and its common symbol.
• Key Features:
  • One FID template for all payment account types.
  • Includes fees for the most representative services and complex service packages.
  • Detailed instructions for PSPs to complete the template without altering the structure.
  • Template tested with over 5,000 consumers, and amendments were made based on feedback.
  • Common symbol distinguishes the FID from other documents.

Draft ITS on SoF (Statement of Fees)

• Mandate: Under Article 5(4) of PAD, the EBA proposes a standardised format for the SoF and its common symbol.
• Key Features:
  • One SoF template for all payment account types.
  • Includes information on all fees and interest for the account period.
  • Detailed breakdown of fees and interest, including package services and individual transactions.
  • Common symbol distinguishes the SoF from other documents.
  • Template tested with over 5,000 consumers, and amendments were made based on feedback.

Consultation Questions

The EBA has proposed several consultation questions for each draft standard:

• RTS on Terminology: Q1–Q4 focus on the approach to defining 'services', the suitability of selected services, and the adequacy of the proposed terms and definitions.
• ITS on FID: Q5–Q8 ask about the suitability of the FID template, its symbol, and the clarity of instructions.
• ITS on SoF: Q9–Q12 evaluate the SoF template, its symbol, and the clarity and suitability of the instructions.

Next Steps

• Consultation Period: Ends on 22 December 2016.
• EBA's Plan: The EBA will review responses, make necessary changes, and publish the final draft RTS and ITSs in the first quarter of 2017.
• EU Commission Review: After the EBA's review, the EU Commission will conduct a legal review before adoption, with the EU Council and Parliament having scrutiny rights.
• Entry into Force: The standards will enter into force 20 days after publication in the Official Journal of the EU and apply nine months later, as per PAD.
• National Integration: Member States with existing FID or SoF formats may integrate the common format and symbol up to 18 months after the entry into force of the ITSs.

Summary

The EBA's draft technical standards under the Payment Accounts Directive aim to standardise terminology and document formats to improve transparency and comparability for consumers. These standards are developed through a structured approach, involving stakeholder consultation, consumer testing, and adherence to key criteria. The consultation period has ended, and the EBA plans to publish the final standards in 2017Q1, with the EU Commission conducting a legal review and the standards applying nine months after publication. Member States may integrate the common formats up to 18 months after the standards come into force.