A payment service provider must tell its customer what a payment will cost, how long it will take and what the contract between them says. Those duties are in Part 6 of the Payment Services Regulations 2017 (SI 2017/752), which also govern who may provide payment services in the United Kingdom. A provider ending an indefinite framework contract must now give 90 days’ notice and a written reason, unless the contract was entered into before 28 April 2026; a provider changing the terms of a framework contract must give two months’ notice; and on any dispute about what was disclosed, the provider carries the burden of proof. Each of those rules is qualified. Regulations 51C and 51D remove the termination notice, or its 90-day minimum, in defined cases. Regulation 41 disapplies both notice rules where the funds are covered by a credit line under a regulated agreement. Regulation 40(7) lets a provider agree with a customer that is not a consumer, a micro-enterprise or a charity that any or all of Part 6 does not apply. The five figures below cover the one-off transaction, then the ongoing relationship, then the customers and products outside Part 6.

Who owes the disclosure duties

A payment service provider is any of the entity types listed in regulation 2(1) when it carries out payment services: an authorised or small payment institution, a registered account information service provider, an electronic money institution, a credit institution, the Post Office, the Bank of England and government departments and local authorities outside their public functions. It must comply with Part 6, regulation 40 to regulation 62. The customer is the payment service user, called the payer when sending money and the payee when receiving it. A payment initiation service provider, or PISP, initiates a payment from an account it does not hold, and carries its own disclosure duties. An account information service provider, or AISP, only reads account data. A registered AISP is outside Part 6 under regulation 40(4) except for regulations 59 and 60, but a firm authorised as a payment institution, e-money institution or credit institution that provides account information services is not a registered AISP and is caught by Part 6 in full.

A provider must comply with Part 6 in respect of a service it provides from an establishment in the United Kingdom, and how much of the Part applies depends on the currency of the transaction (regulation 40(1)). Where both providers are in the United Kingdom and the transaction is in sterling, the Part applies in full. It also applies in full where both providers are within the qualifying area of the United Kingdom and the EEA States and the transaction is in euro under a scheme operating across that area. Where both providers are in the United Kingdom but the transaction is in a currency other than sterling or euro, or where only one of the two providers is in the United Kingdom, the Part applies only to the parts of the transaction carried out in the United Kingdom, and the maximum execution time requirements in regulations 43(2)(b) and 52(a) and paragraph 2(e) of Schedule 4 do not apply. Where only one provider is in the United Kingdom, the direct debit refund conditions in paragraph 5(g) of Schedule 4 do not apply either (regulation 40(2) and (3)). An independent cash machine operator owes the ATM charge disclosure in regulation 61, because regulation 40(8) applies Part 6 to cash withdrawal services.

What a provider owes on a one-off payment, and what changes for an ongoing customer

A provider under a single payment service contract, which regulation 2(1) defines as a contract for a single payment transaction not covered by a framework contract, must comply with regulations 43 to 47 (regulation 40(5)). Under a framework contract, which governs the future execution of individual and successive payment transactions, it must comply with regulations 48 to 54 (regulation 40(6)). The FCA gives a bank’s current account terms as an example of a framework contract, at paragraph 8.62 of its Approach Document, version 8 of May 2026.

What the customer must be told, and when

A framework provider must give the customer everything in Schedule 4 in good time before the customer is bound (regulation 48), and may discharge that duty by supplying a draft contract containing it. Schedule 4 covers the provider’s identity and regulatory status, the service, charges, interest and exchange rates, communication, safeguards, redress and the terms on termination. Where the contract is concluded by a means of distance communication that does not allow the provider to give the information beforehand, it must give the information immediately afterwards. The provider must supply the same material, and the contract terms, whenever the customer asks for them during the relationship (regulation 49).

For a single payment the provider must give only what is relevant to that transaction (regulation 43): the unique identifier needed to execute the order, the maximum execution time, the charges and any breakdown, the exchange rate, and so much of Schedule 4 as bears on the transaction. A PISP must also give its name, head office address and contact details, and the FCA’s, before the payment is initiated.

Under a framework contract the payer’s provider must send a statement of every transaction, on paper or another durable medium, at least monthly and free of charge (regulation 53). The payee’s provider owes the payee the same under regulation 54. Each statement carries a reference identifying the transaction, the amount in the currency debited or credited, the charges and any breakdown or interest, the exchange rate used, and the debit value date or the date the payment order was received, or for the payee the credit value date. A provider cannot agree a longer interval than a month. It may agree in the framework contract a different way of delivering the statement, so long as the customer can store and reproduce it unchanged, and that agreement displaces the durable medium requirement (regulations 53(3), 54(3) and 55(2)(b)). A provider need not send a statement where it has already given the information under such a condition, or where a month has passed with no transactions to report, so it owes no nil statement (regulations 53(4) and 54(4)).

Changing the terms: two months’ notice

A provider proposing to change the terms of a framework contract, or the Schedule 4 information, must give the customer the proposed change no later than two months before it takes effect (regulation 50). The contract may provide that silence is acceptance, but only if the provider also tells the customer that the change will be treated as accepted and that the customer may terminate free of charge at any time before it takes effect. Changes to interest or exchange rates may be applied immediately and without notice where the contract allows it and the change tracks a reference rate already disclosed, or where the change favours the customer. The provider must tell the customer of any change to the interest rate as soon as possible unless a specific frequency or manner is agreed, and must implement and calculate any such change in a neutral way that does not discriminate against payment service users.

How much notice must a provider give to end a framework contract?

A provider must give at least 90 days’ notice to end an indefinite framework contract entered into on or after 28 April 2026, and at least two months’ notice where the contract was entered into before that date and provides for termination by the provider. The Payment Services and Payment Accounts (Contract Termination) (Amendment) Regulations 2025 (SI 2025/688) came into force on 28 April 2026 and replaced the single regulation 51 with regulations 51 to 51D. A provider must therefore apply regulation 51A to contracts entered into before that date and regulation 51B to contracts entered into on or after it. Regulation 51A is itself new, and restates the old position for those earlier contracts rather than preserving the former regulation 51.

The customer may terminate at any time under regulation 51, as before the reform, unless the parties agreed a notice period, which may not exceed one month. A provider may not charge for terminating after the contract has run six months, any charge it does make must reasonably correspond to its actual costs, and it must refund regular charges paid in advance in proportion.

A provider terminating under regulation 51B must explain its reasons in terms sufficiently detailed and specific for the customer to understand why the contract is being ended, and must give the notice in the way regulation 55(1) requires. It must also tell the customer how to complain to it and of any right to complain to the ombudsman scheme established under Part 16 of the Financial Services and Markets Act 2000. The parties keep their ordinary rights to treat the contract as unenforceable, void or discharged (regulation 51(5)). A provider may not use a discharge by agreement to avoid regulation 51B or the without-delay duty in regulation 51D(1)(b) (regulation 51(6)). Where another legal requirement conflicts with the notice rules, that requirement prevails to the extent of the conflict (regulation 51B(4)).

Ending a contract without the usual notice

Neither exception applies to a contract entered into before 28 April 2026, because both operate on regulation 51B alone. A provider need give no notice under regulation 51B(1) in the five cases listed in regulation 51C. In the two cases listed in regulation 51D it must still give that notice, and must give it without delay once it has decided to terminate, but the 90-day minimum in regulation 51B(3) does not apply.

How the information must be given, and what may be charged

A provider must give everything Part 6 requires in easily understandable language and a clear and comprehensible form, in English or the language the parties agreed, and on paper or another durable medium (regulation 55). The manner of giving the information is a separate requirement from its content, and a provider must satisfy both. For a single payment contract the information must be made available in an easily accessible manner, and the durable medium requirement applies in addition, but only where the customer asks.

A provider may not charge for information Part 6 requires it to provide, under regulation 56. It may agree charges only for information the customer has asked for, and then only where that information is additional to Part 6, is provided more often than Part 6 specifies, or is sent by a means other than the one the framework contract names. Any such charge must reasonably correspond to actual costs. A payment transaction must be executed in the currency the parties agreed, and whoever offers a currency conversion at an ATM, at the point of sale or as payee must disclose the charges and the rate first (regulation 57). A payee must tell the payer, before the payment is initiated, of any charge it requests or discount it offers for the use of a particular payment instrument. A provider or other party involved in the transaction must do the same for any charge it requests (regulation 58). A payer need not pay a charge whose full amount was not disclosed to it.

Proving the information was given

A provider alleged to have failed to give information Part 6 requires must prove that it complied (regulation 59). The regulation imposes no record-keeping duty of its own, but a provider carrying that burden should in practice keep evidence of what it gave the customer and when. Under regulation 74(1), a customer must notify an unauthorised or incorrectly executed transaction without undue delay and in any event within 13 months of the debit date, or lose its redress. Regulation 74(2) removes that bar where the provider failed to provide or make available information concerning the payment transaction in accordance with Part 6, so a provider in that position cannot rely on the 13-month limit at all. The relief covers information concerning the transaction only, so a failure to give reasons on termination or to make the FCA leaflet available does not engage it. The Part 7 explainer sets out the refund, liability and execution rules that then apply.

Further duties on account information service providers, ATM operators and every provider

A registered account information service provider must give the customer so much of Schedule 4 as is relevant to its service, and all its charges with any breakdown (regulation 60). An independent cash machine operator, meaning one acting for card issuers that is not party to the customer’s framework contract and provides no other payment service, must disclose any withdrawal charge both before the withdrawal and on receipt of the cash (regulation 61). A bank disclosing charges on its own ATM estate does so under its framework contract instead. The FCA must publish a document listing consumers’ rights under the Regulations. Every provider must make that document available free of charge on its website, if it has one, and in paper form at its branches, through its agents and through anyone to whom it outsources activities. The FCA and providers alike must make it available in formats accessible to people with disabilities (regulation 62).

Customers and products outside Part 6

The parties may agree that any or all of Part 6 does not apply where the customer is not a consumer, a micro-enterprise or a charity: the corporate opt-out at regulation 40(7). Regulation 2(1) defines a charity for Part 6 as a body with an annual income of less than one million pounds that is a charity under the Charities Act 2011 or its Scottish or Northern Irish equivalents. A charity with income above that figure is not protected, and a provider may agree the opt-out with it. The FCA confirms at paragraph 8.64 of its Approach Document, version 8 of May 2026, that the opt-out covers all of the Part 6 information requirements, and says at paragraph 8.7 that it must be made clear to the customer which provisions are being disapplied.

A provider need not comply with regulations 50 to 51D where the payment service relates to transactions on a credit line under a regulated agreement, so neither the change-of-terms rules nor the termination rules apply to regulated credit-card and similar accounts (regulation 41). Nor need it give again information it has already given in compliance with the Consumer Credit Act 1974, where the manner of giving it satisfies Part 6. A provider issuing a prepaid card or similar low-value instrument must give the main characteristics of the service instead of the full Schedule 4: how the instrument can be used, the customer’s liability for unauthorised transactions, the charges, anything else the customer needs in order to decide, and where the Schedule 4 information can be found (regulation 42). The instrument qualifies if, under the framework contract governing its use, it meets any one of three tests: it can be used only for individual transactions of 30 euros or less, or 60 euros or less where the transaction is executed wholly within the United Kingdom; or it has a spending limit of 150 euros, or 300 euros where transactions must be executed wholly within the United Kingdom; or it stores no more than 500 euros at any time. A reference to an amount in euros includes the equivalent amount in sterling (regulation 2(2)).

Every provision, indexed to the figures

The text of each provision governs.

Provision	Who it binds	What it requires	See figure
Reg 40(1) to (6)	Scope rule	Applies Part 6 by establishment, location and currency; 40(5) sends single payment service contracts to regs 43 to 47 and 40(6) sends framework contracts to regs 48 to 54	Figure 1
Reg 40(7)	No one; it permits	A customer that is not a consumer, micro-enterprise or charity may agree with its provider that any or all of Part 6 does not apply	Figure 5
Reg 41	Scope rule	Disapplies regs 50 to 51D for transactions on a credit line under a regulated agreement, and avoids duplication with the Consumer Credit Act 1974	Figure 5
Reg 42	Payment service provider	Replaces regs 48 and 52 with a short list for low-value instruments, allows regs 53 and 54 to be varied by agreement, and allows reg 55(1) to be disapplied for reg 50 information only	Figure 5
Reg 43	Payment service provider; PISP for its own details	Identifier, execution time, charges and exchange rate before the customer is bound by a single payment service contract, plus so much of Schedule 4 as is relevant	Figure 2, first row
Regs 44 to 46	PISP (44), payer’s provider (45), payee’s provider (46)	Confirmation immediately after a PISP initiates; information to the payer on receipt of the order; information to the payee immediately after execution	Figure 2, third row
Reg 47	Payment service provider	No duplication where a single transaction is transmitted under an instrument issued on a framework contract	Figure 1
Reg 48	Payment service provider	Everything in Schedule 4, in good time before the customer is bound by the framework contract	Figure 2, first row
Reg 49	Payment service provider	The Schedule 4 information and the contract terms, on request at any time during the relationship	Figure 2, second row
Reg 50	Payment service provider	Two months’ notice of changes to terms; deemed acceptance only with notice of that effect and of the free termination right; interest and reference rate changes may be immediate	Figure 2, second row
Reg 51	Customer; provider on charges	Termination at any time subject to an agreed notice period of no more than one month; no charge after six months; 51(5) preserves general contract law but 51(6) blocks discharge by agreement being used to avoid reg 51B or reg 51D(1)(b)	Figure 3, left branch
Reg 51A	Payment service provider	At least two months’ notice to end an indefinite framework contract entered into before 28 April 2026, if the contract so provides	Figure 3, left date box
Reg 51B	Payment service provider	For an indefinite-period contract entered into on or after 28 April 2026: notice with sufficiently detailed and specific reasons, complaint routes, and at least 90 days before termination takes effect. 51B(4) gives way to a conflicting legal requirement	Figure 3, right date box
Reg 51C	Disapplies reg 51B(1)	Five cases in which the reg 51B(1) notice is not required at all, covering money laundering due diligence, immigration closure, serious crime, regulator direction and offending conduct. Does not apply to a contract entered into before 28 April 2026	Figure 4, left family
Reg 51D	Disapplies reg 51B(3)	Removes the reg 51B(3) minimum only, and requires the reg 51B(1) notice without delay, on public order or harassment offences and on incorrect information given at the outset	Figure 4, right family
Regs 52 to 54	Provider, by party	Execution time and charges on the payer’s request before a transaction; a statement of every transaction to payer and payee on a durable medium at least monthly and free of charge	Figure 2, third row
Reg 55	Payment service provider	Durable medium, which for a single payment service contract is required only on the customer’s request; easily understandable language, clear and comprehensible form, English or the agreed language	Figure 2, footnote
Reg 56	Payment service provider	No charge for information Part 6 requires; charges only for information the customer requested that is additional, more frequent or differently transmitted, and only at actual cost	No figure
Regs 57 and 58	Provider, payee, and whoever offers the conversion	Execution in the agreed currency; disclosure of conversion charges and rate before initiation; disclosure of any surcharge or discount before initiation, with no liability to pay an undisclosed charge	No figure
Reg 59	Payment service provider	Carries the burden of proving it complied with Part 6 where a failure is alleged	No figure
Regs 60 to 62	Registered AISPs, independent ATM operators, all providers	Relevant Schedule 4 information and charges from a registered AISP; disclosure of ATM withdrawal charges by an independent operator, before withdrawal and on receipt of the cash; free availability of the FCA’s consumer rights document in accessible formats	No figure

Frequently asked questions about the PSRs 2017 information requirements

How much notice must a payment service provider give to close an account?

At least 90 days, for an indefinite framework contract entered into on or after 28 April 2026 (regulation 51B of the PSRs 2017). For one entered into before that date, a provider must give at least two months’ notice under regulation 51A, and only where the contract provides for termination by the provider. Regulations 51C and 51D operate on regulation 51B alone, removing that notice or its 90-day minimum in defined cases, and neither applies to a contract entered into before 28 April 2026.

Does a provider have to give reasons for closing an account?

For a framework contract entered into on or after 28 April 2026, yes. Regulation 51B(2)(a) requires an explanation of the reasons that is sufficiently detailed and specific to enable the customer to understand why the contract is being terminated. In the notice the provider must also tell the customer how to complain to it and of any right to complain to the Financial Ombudsman Service. A provider ending a contract entered into before that date need give no reasons (regulation 51A).

What is a framework contract under the PSRs 2017?

A framework contract governs the future execution of individual and successive payment transactions. A current account agreement or a payment institution’s ongoing customer terms are the usual examples. The alternative is a single payment service contract, a one-off where the contract relates solely to the transaction in question. Regulations 48 to 54 apply to a framework contract, regulations 43 to 47 to a single payment service contract.

How much notice is required to change the terms of a payment account?

Two months. A provider must give the customer the proposed change no later than two months before it takes effect (regulation 50). The contract may treat silence as acceptance, but only if the provider tells the customer that the change will be deemed accepted and that the customer may terminate free of charge before it takes effect. Interest and exchange rate changes tracking a disclosed reference rate may be applied immediately.

Can a business customer contract out of the PSRs 2017 information requirements?

Yes, where the customer is not a consumer, a micro-enterprise or a charity with an annual income under one million pounds. Regulation 40(7) allows the parties to agree that any or all of Part 6 does not apply, and the FCA confirms at paragraph 8.64 of its Approach Document, version 8 of May 2026, that this covers all the Part 6 information requirements. The FCA also says, at paragraph 8.7, that a provider must make clear to the customer which provisions are being disapplied. The one million pound income qualifier on charity is statutory, at regulation 2(1).

Who has to prove that the required information was given?

The payment service provider. A provider alleged to have failed to give information required by Part 6 must prove that it complied (regulation 59). A customer has 13 months from the debit date to notify an unauthorised or incorrectly executed transaction (regulation 74(1)), and is not held to that limit where the provider failed to give or make available information concerning the transaction (regulation 74(2)).

Can a provider charge for account information or statements?

Not for what Part 6 requires. A provider may not charge for information the Regulations require it to give or make available (regulation 56). A provider may agree charges only for information the customer has requested, and then only where it goes beyond Part 6, is supplied more often than Part 6 specifies, or is sent by a means other than the one the framework contract names. Those charges must reasonably correspond to the provider’s actual costs.

Do the information requirements apply to credit card accounts?

Partly. A provider need not comply with regulations 50 to 51D where the payment service relates to transactions on a credit line under a regulated agreement, so the change-of-terms and termination provisions do not apply (regulation 41(2)). It must comply with the rest of Part 6, but need not give again information it has already given in compliance with the Consumer Credit Act 1974 (regulation 41(3)).

What are the information requirements for open banking providers?

A payment initiation service provider must give the payer its name, head office address, the address of any UK agent or branch, its contact details and the FCA’s, before the payment is initiated, and must confirm initiation immediately afterwards under regulation 44. A registered account information service provider is outside most of Part 6 under regulation 40(4), but must give the relevant Schedule 4 information and all its charges under regulation 60.

What happens if a provider fails to meet the Part 6 requirements?

Where the failure concerns information about a payment transaction, regulation 74(2) frees the customer from the 13-month notification limit in regulation 74(1). It lifts that condition alone: the other conditions for redress under regulations 76 and 91 to 94, and any applicable limitation period, still apply. Other Part 6 failures, such as omitting reasons from a termination notice, do not engage regulation 74(2). The FCA supervises and enforces the Regulations in either case, and a failure to give required information is a breach whether or not any customer has suffered loss.

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Related payments regulation pages

The PSRs 2017 Explained: Payment Authorisation, Liability and Execution Times
Payment Institution Authorisation and Licensing
Open Banking and Variable Recurring Payments
Safeguarding and Consumer Duty
PSR and Scheme Governance
Operational Resilience and DORA
EMI Authorisation and E-Money Regulation
FCA Investigations and Enforcement
Digital Money and Central Bank Digital Currencies. Before applying these information requirements, a firm should first confirm the activity is within the payment services perimeter at all, which is covered in The PSRs 2017 Explained: the Payment Services Perimeter and the Exclusions.