PSD2 introduces a number of changes to requirements applicable to authorised EMIs. The Treasury has implemented these through the PSRs 2017, which amend the EMRs 2011**. The FCA has also published its Policy Statement and Approach Document.
Authorised EMIs should make necessary changes to ensure compliance with PSD2 requirements, the majority of which are effective from 13 January 2018. The key changes for authorised EMIs include those relating to Conduct of business (Chapter 8 in our Approach Document), Complaints handling (Chapter 11 in our Approach Document) and Reporting and notifications (Chapter 13 in our Approach Document).
Please also familiarise yourself with the relevant parts of the FCA Handbook which are changing, including SUP 15,* SUP 16* and DISP*. The Handbook is amended by the Payment Services Instrument 2017 and you can see the revised Handbook on our Handbook website by setting the date to 13 January 2018.
Authorised EMIs wishing to issue e-money or provide payment services after 12 July 2018 must be re-authorised under PSD2. To do this they must provide us with new information and meet all authorisation conditions, including new authorisation conditions.
If you have any questions, you can contact us.
Answer the following questions to understand more about what you need to do to meet new PSD2 requirements: