S.L. 376.8 Art. 23Consumer to be informedinwriting about refusal of application.

(1) Where an application for a payment account with basic features is refused in accordance with regulations 19(4) and 22, the credit institution shall, after taking its decision, immediately inform the consumer in writing and free of charge of the refusal and of the specific reason for that refusal, unless such disclosure would be contrary to objectives of national security, public policy or would run counter to the obligations a credit institution is under in terms of any applicable anti-money laundering and combating the funding of terrorism legislation.

(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.