The UK Treasury has approved the “Payment Services and Payment Accounts (Contract Termination) Regulations 2025”, introducing new requirements for payment service providers (PSPs) and banks regarding account termination and customer rights. The regulation will take effect on 28th April 2026, strengthening consumer protections, accelerating access to funds, and aiming to facilitate smoother switching between payment providers. Source.
Summary of Key Provisions
- Effective from 28 April 2026 across the UK financial sector.
- Customers may terminate payment accounts without incurring fees, provided they give up to 30 days’ notice.
- Upon termination, PSPs must refund remaining balances within ten working days.
- For framework contracts entered into on or after 28 April 2026, PSPs must provide at least 90 days’ written notice prior to unilateral termination, including a clear explanation for the decision.
- Exception: Immediate termination is allowed in cases involving money laundering or serious criminal activity.
- The amendments align with PSD2 and update the Payment Accounts Regulations 2015 to reflect these new consumer-focused requirements.
These changes are intended to remove barriers for consumers wishing to switch payment service providers, ensuring quick access to their funds and clearer communication if an account is being closed. The introduction of fee-free termination and mandatory fast payout of balances is likely to influence withdrawal processing speeds across the sector. For UK casino players, this may mean faster access to withdrawn funds when closing payment accounts or changing payment methods.
| Requirement | Details |
|---|---|
| Start Date | 28 April 2026 |
| Fee-free Account Closure | Allowed with max 30 days’ notice by customer |
| Payout Deadline | Within 10 working days after closure |
| Provider’s Termination Notice | At least 90 days with reasons (for new contracts) |
For more detailed information, readers can review the full legal text at the official legislation portal. The new rules may influence how quickly online casinos and payment providers process withdrawals and account closures. For further insight into fast payout methods, regulatory updates and practical payment guidance, visit the following resources:
