PSD2 also introduces a number of changes to requirements that small PIs must follow. The Treasury has implemented these through the PSRs 2017 and the FCA has published its Policy Statement and Approach Document.
Small PIs should have made necessary changes to ensure compliance with PSD2 requirements, the majority of which were effective from 13 January 2018. The key changes for small PIs 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 have changed, including SUP 15,* SUP 16* and DISP*. The Handbook is amended by the Payment Services Instrument 2017.
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: