The Payment Services Regulations 2017 (PSRs) allow banks to agree with their customers that certain provisions of the Regulations do not apply. This is known as the “Corporate Opt Out”. Santander has already agreed with its customers who have an annual turnover of £6.5 million or more, through its Terms and Conditions since January 2018, that Regulations 91 and 92 of the PSRs do not apply. These particular Regulations apply to any incorrect or missing payments such as:
- payments that go to the wrong payee;
- payments for the incorrect amount; or
- payments that are delayed.
This means that unless Santander has been negligent in carrying out your instructions, or acted fraudulently or with wilful default, we will not be liable for incorrect payments and do not have to restore your account to the position it would have been in had the payment been made correctly.
Regulation 94 of the PSRs is also relevant to liability in relation to incorrect or missing payments and Santander is now seeking to agree that this Regulation, in addition to Regulations 91 and 92 of the PSRs will not apply. This means that in addition to having no liability to restore your account to the position it would have been in had a payment been made correctly (unless we’ve been negligent, fraudulent or acted with wilful default), we will not be liable for any other interest or charges you may incur as a result of the payment being made incorrectly.
This change will take effect from 15 April 2021 and by continuing to use your account after this date, you accept this change and agree that this Regulation will not apply.