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The EBA Guidelines will guide Competent Authorities (CAs) in EU Member States in the development of provisional lists of the most representative payment accounts services that are subject to a fee. EU competent authorities at national level will now be required to establish a provisional list of the most representative services of a payment account that are subject to a fee and offered by at least one Payment Service Provider (PSP) in their own jurisdictions.
Those lists should include at least 10, but no more than 20, of the most representative services and the EBA Guidelines describe procedures, as well as factors to be taken into consideration, when drawing up these lists. As foreseen by the EU Payment Accounts Directive, CAs will base their selection on two criteria: the services that are most commonly used by consumers in relation to their payment account, and that generate the highest cost for consumers, both overall, as well as per unit.
The lists established by CAs will in turn assist the EBA in developing standardised terminology that will be applicable across the EU single market and will be the basis for two new information EBA documents: the Fee Information Document and the Statement of Fees, which are expected to be ready for public consultations by 2016.