Credit Institutions and Financial Institutions (Payment Accounts)

Suppliment tal-Gazzetta tal-Gvern ta’ Malta Nru. 21,197, 23 ta’ Frar, 2024 B 187

L.N. 33 of 2024

BANKING ACT

(CAP. 371)

FINANCIAL INSTITUTIONS ACT

(CAP. 376)

Credit Institutions and Financial Institutions (Payment Accounts)

(Amendment) Regulations, 2024

IN EXERCISE of the powers conferred by article 3 of the

Banking Act and article 12 of the Financial Institutions Act, the

Minister responsible for the regulation of financial services, acting on

the advice of the Malta Financial Services Authority, has made the

following regulations: -

(1) The title of these regulations is the Credit Institutions Citation and

and Financial Institutions (Payment Accounts) (Amendment) scope.

Regulations, 2024 and these regulations shall be read and construed as

one with the Credit Institutions and Financial Institutions (Payment S.L. 371.18.

Accounts) Regulations, hereinafter referred to as the "principal S.L. 376.08.

regulations".

(2) The scope of these regulations is to transpose Articles 16(7)

and 19(5) of Directive 2014/92/EU of the European Parliament and of

the Council of 23 July 2014 on the comparability of fees related to

payment accounts, payment account switching and access to payment

accounts with basic features.

Sub-regulation (2) of regulation 23 of the principal Amends

regulations shall be substituted by the following new sub-regulation: regulation

the principal

regulations.

"(2) Where notification of the reason for refusal is given

in accordance with sub-regulation (1), the credit institution shall

advise the consumer of the following

(a) the procedure for submitting a complaint to it

against the refusal;

(b) the possibility to contact the competent

authority and provide the relevant contact details; and

(c) the right to file a complaint with the Office of

the Arbiter for Financial Services and provide the relevant

contact details.".

Sub-regulation (7) of regulation 31 of the principal

regulations shall be substituted by the following new sub-regulation

"(7) Any notification given by the credit institution under

sub-regulation (4) shall advise the consumer of

(a) the procedure for submitting a complaint to it

against the termination, if any;

(b) the possibility to contact the competent

authority and provide the relevant contact details; and

(c) the right to file a complaint with the Office of

the Arbiter for Financial Services and provide the relevant

contact details.".

€0.09