On Oct. 18, 2024, POR CB announced issuance of Instruction 14/2024 of Oct. 17.
It regulates information to be provided to POR CB for purposes of disclosing fees in Comparator and sets requirements to observe when providing information on fees.
Adapts Comparator to changes in retail banking markets, commissioning practices and regulatory framework since it came into operation in Oct. 2018.
Reporting obligation on information on fees required for inclusion of new services i.e. fees associated with transfers and sending funds via payment applications, extended.
List of services covered reorganized, some designations and definitions were adjusted.
To reinforce information on fees disclosed in Commissions Comparator, amend rules governing reporting of this data by payment service providers, revoke Ins 19/2018.
To adapt Commission Comparator to changes in retail banking markets, commissioning practices and regulatory framework; it is expected the Commissions Comparator will include information on the commissions associated with immediate transfers.
There are also plans to disclose information on commissions charged for providing the services MB WAY transfer with debit card and MB WAY transfer with credit card.
Those constitute operations carried out in most representative payment applications.
Bank customers will thus be able to compare commissions required for the provision of these services through payment applications of payment service providers themselves.
But also payment applications operated by third parties; draft instruction will expand scope of duty to report information, update requirements applicable to this reporting.
Current Scope
Information now disclosed in Comparator refers to fees applicable to maintenance of a payment account with simple features; maintenance of minimum banking services account; maintenance of base account; maintenance of package accounts.
Cash advance on credit (cash advance); requisition and delivery of crossed checks, to order and not to order; credit transfers and standing orders.
Effectiveness
Interested parties can send contributions in editable format until Jan. 31, 2023 to email address provided with subject Response to Public Consultation 10 /2022.
Only contributions sent in indicated manner within the said period will be considered.
Oct. 2024 Instruction Issued
On Oct. 17, 2024, POR CB issued Instruction 14/2024 on Commission Comparator.
DL 107/2017 tasked POR CB with providing consumers free access to website to compare commissions of more representative services linked to payment accounts.
Per art 12.2 DL107/2017 payment service providers (PSPs) must report to POR CB information necessary for purposes of making commission comparison site available.
To comply issued Ins 19/2018 on PSPs duty to report, also on provision of information regarding commissions applicable to services not covered by Instruction 11/2018.
Changes in retail banking markets, reflected in commissioning practices, in applicable regulatory framework made it necessary to reinforce data disclosed in the Comparator and review the rules framing the reporting of this information by PSPs.
Expands scope to cover data on commissions for services not in Ins 19/2018, updates requirements for PSPs; applicable to provision data on commissions for services in list of most representative services linked to payment accounts in POR in Ins 11/2018.
I.e. account maintenance; debit, credit card provision; cash withdrawal; cash advance on credit; request, delivery of crossed checks, orders and also not to order; intrabank credit transfer and standing orders; SEPA and SEPA+ permanent credit transfers.
As well as non-SEPA+ credit transfer and non-SEPA+ standing order.
Not included: minimum banking services account, basic account, package account maintenance; private credit card provision; immediate intrabank transfer; immediate SEPA+ transfer; debit card transfer; transfer with credit card; further details provided.
General, specific requirements applicable to communications, timings, format, standard terminology; ins in force on Mar. 31, 2025 when Instruction 19/2018 will be repealed.
Oct. 2024 Press Release
On Oct. 18, 2024, POR CB announced issuance of Instruction 14/2024 of Oct. 17.
It regulates information to be provided to POR CB for purposes of disclosing fees in Comparator and sets requirements to observe when providing information on fees.
Adapts Comparator to changes in retail banking markets, commissioning practices and regulatory framework since it came into operation in Oct. 2018.
Reporting obligation on information on fees required for inclusion of new services i.e. fees associated with transfers and sending funds via payment applications, extended.
List of services covered reorganized, some designations and definitions were adjusted.
Regulators
POR CB
Entity Types
Bank; CNSM; MSB
Reference
PR 10/18/2024; OG 10/2024, Ins 14/2024, 10/17/2024; CP 10/2022, PR, 12/22/2022; Rpl Ins 19/2018; DL 107/2017; Citation: Instruction 14/2024;
