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Lord Wilson of Sedgefield (Lab)

Speaking in the House of Lords on 5 June 2025

Debate

Payment Services and Payment Accounts (Contract Termination) (Amendment) Regulations 2025

Contribution

I think increasing the time period from 60 days to 90 days and banks now having to write to the customer to say, “These are the reasons why we have this issue with your bank account” and, where it is appropriate and where they can, having to say that they can refer it to the ombudsman all helps. Obviously, this will be kept under review, but I think it is an important improvement on where we were in previous regulations.

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