Payment Accounts Directive (PAD)

The Payment Accounts Directive (PAD) was adopted within the European Union in 2014.

Payment Accounts Directive (PAD)

The Payment Accounts Directive (PAD) was adopted within the European Union in 2014 and is being implemented by EU countries with the main aim of helping the EU internal market for payment accounts* work well.

The provisions of PAD apply to Payment Service Providers (PSPs), including banks and building societies, in respect of the payment accounts they offer to clients.

To improve transparency and comparability of fees, PSPs are obliged to make available the following documents:

  • The Glossary of Standard Terms and Definitions, which lists and defines payment account linked services in a standardised manner.
  • The Fee Information Document (FID), which must be provided to prospective clients, and sets out pre-contractual fee information for payment account linked services.
  • Statement of Fees (SoF), which must be provided to each client, showing an overview of fees charged and interest earned in a year.

* The Payment Accounts Directive (PAD)

"All provisions of this Directive should concern payment accounts through which consumers are able to carry out the following transactions: place funds, withdraw cash and execute and receive payment transactions to and from third parties, including the execution of credit transfers. As a consequence, accounts with more limited functions should be excluded."

For HSBC Private Bank (UK) Limited

The Payment Accounts Directive was adopted within the European Union in 2014 and implemented in the UK by means of the Payment Accounts Regulations 2015 (PARs), with the main aim of helping the EU internal market for payment accounts work well.

Glossary of Standard Terms and Definitions available for download (77KB, PDF)

Fee Information Document (FID) - Pound Sterling Current Account (183KB, PDF)

Fee Information Document (FID) – Pound Sterling Deposit Account (180KB, PDF)

Fee Information Document (FID) – Multi-currency Account (183KB, PDF)

Legal Information

The information on this site refers to services or products which are not available in certain locations, or which, in any relevant location, may have components, methods, structures and terms different from the ones described, as well as restrictions on client eligibility. Please contact a Relationship Manager for details of services and products that may be available to you.

The use of the label ‘HSBC Private Bank’, ‘we’, or ‘us’ refers to HSBC’s worldwide private banking business, and is not indicative of any legal entity or relationship.

This information is entirely qualified by reference to the terms and conditions of the specific service, if any, provided by the relevant HSBC company.

Nothing here is to be deemed an offer, solicitation, endorsement, or recommendation to buy or sell any general or specific product, service or security and should not be considered to constitute investment advice.

Please note that HSBC Private Bank does not provide Legal and Tax Advice.

Before proceeding, please refer to the full disclaimer and the Terms and Conditions. Read more