S.L. 376.8 Art. 32General information on payment accounts with basic features.

(1) The competent authority shall raise awareness among the public about:

(a) the availability of payment accounts with basic features and their general pricing conditions;

(b) the procedures to be followed in order to exercise the right to access a payment account with basic features; and

(c) the consumer’s right to complain to the Office of the Office of the Arbiter for Financial Services, and the relevant procedure to be followed, where the consumer considers that a credit institution has not complied with the requirements of these regulations.

(2) The competent authority shall employ sufficient and well-targeted communication media for the purposes of its obligations arising from sub-regulation (1), particularly reaching out to the unbanked, vulnerable and mobile consumers.

(3) Credit institutions shall make available to consumers, free of charge, accessible information and assistance about:

(a) the specific features of the payment account with basic features on offer; and

(b) the associated fees and conditions of use.

(4) Credit institutions shall ensure that the information and assistance provided in accordance with sub-regulation (3) makes it clear that the purchase of additional services is not compulsory in order to access a payment account with basic features.