Payment Services Regulations 2017: UK regulations implementing EU PSD2, governing payment services, electronic payments, and setting requirements for payment authorization. Key legislation for direct deposit arrangements.
Banking Act 2009: Primary legislation providing the framework for banking services in the UK, including regulations for payment systems and inter-bank transfers.
Data Protection Act 2018 and UK GDPR: Legal framework for personal data protection, crucial for handling banking and personal details in direct deposit agreements, including requirements for data processing and storage.
Financial Services and Markets Act 2000: Overarching legislation regulating financial services in the UK, including provisions for banking transactions and consumer protection measures.
Consumer Rights Act 2015: Legislation ensuring fairness in consumer contracts and protection of consumer interests in financial services agreements.
Electronic Communications Act 2000: Legislation governing electronic communications and digital signatures, relevant for electronic completion and processing of direct deposit authorizations.
Equality Act 2010: Legislation ensuring non-discriminatory access to banking services and equal treatment in financial service provision.
BACS Rules and Standards: Industry standards and technical requirements for Bankers' Automated Clearing Services, specifying protocols and timeframes for direct deposit processing.
