In this Feedback Statement we summarise the responses we received to our Call for Input on our approach to the current payment services regime, outline our response and explain the next steps.
We are publishing a summary of the feedback we received following our Call for Input in February 2016, which asked for views on the guidance we currently provide to firms to help them comply with the payment services regime.
Respondents were broadly happy with the current guidance and found it a useful and comprehensive source of information. However, a need was identified to update the guidance to reflect developments in the market since we published it in 2009.
Respondents also asked for further guidance or clarity on a range of specific matters.
Most respondents could see benefit in combining the payment services and electronic money (e-money) approach documents.
The Call for Input asked for views on:
- whether regulated firms, or those seeking authorisation or registration, found the guidance useful
- how well the guidance has kept pace with market developments and the growth in payment services
- areas where we could provide further guidance or give additional clarity
- whether the guidance on relevant pieces of legislation and their interaction with the payment services regime is up-to-date
- the impact of having two separate and overlapping approach documents for the payment services and the e-money regimes
- the payment services e-learning module
We will consider the feedback carefully as we update and develop the existing guidance to reflect changes as a result of the revised Payment Services Directive (PSD2).
Following comments from respondents, we intend to combine the two approach documents on payment services and e-money.
We will consult on our approach to PSD2, including updated rules and guidance, in 2017.