We are consulting on our approach to applying the Payment Services Regulations 2017.
The second EU Payment Services Directive (PSD2) is required to be in place in the UK by 13 January 2018. HM Treasury will transpose PSD2 into UK legislation in the Payment Services Regulations 2017 (PSRs 2017) which will replace the Payment Services Regulations 2009. We will continue as the competent authority responsible for authorising and supervising payment service providers under PSD2. The Payment Systems Regulator will also be responsible for certain aspects which relate to payment systems.
This consultation paper proposes a revised Approach Document which will set out our approach to applying the PSRs 2017 and the amended Electronic Money Regulations 2011. It will be a single document replacing the existing Payment Services and E-Money Approach Documents.
Read the revised Approach Document:
As well as the changes necessary as a result of PSD2, the revised Approach Document includes some proposed clarifications of existing guidance and some new guidance, largely in response to our February 2016 Call for Input on our approach to the current payment services regime.
We also propose changes to our Handbook. This includes changes to the rules, guidance and directions that apply to payment service providers and e-money issuers and to other providers of retail banking services.
In this paper, the Payment Systems Regulator is also consulting on its approach to monitoring and enforcing the four Regulations in the PSRs 2017 that it is the competent authority for.
Read the Payment Systems Regulator's draft approach document: The Payment Services Regulations 2017 – the PSR’s draft approach to monitoring and enforcement (PDF).
Read the draft PSRs 2017 on the Treasury’s website.
This consultation affects existing payment service providers and e-money issuers. It also affects businesses not currently authorised or registered with the FCA that carry on (or intend to carry on) payment related activities. The consultation also affects businesses that are subject to regulation by the Payment Systems Regulator.
This paper will be of interest to consumers who use payment services or e-money. This includes those who make use of payment services that are newly being brought within the scope of regulation.
This consultation has now closed.
We will consider your feedback and publish our final rules and revised Approach Document after the Treasury finalises the PSRs 2017, taking into account any other relevant legislative developments. We expect to publish our Policy Statement in Q3 2017.