UK regulation of payment services providers—essentials


Published by a ÀÏ˾»úÎçÒ¹¸£Àû Financial Services expert
Practice notes

UK regulation of payment services providers—essentials


Published by a ÀÏ˾»úÎçÒ¹¸£Àû Financial Services expert

Practice notes
imgtext

scope of this Practice Note

The Payment Services Regulations 2017, SI 2017/752 (PSRs 2017) transposed the recast PSD2 (Directive 2015/2366/EU) into national law on 13 January 2018 and largely came into force on that date. The PSRs 2017 replaced the Payment Services Regulations 2009, SI 2009/209 (PSRs), which itself transposed the original Payment Services Directive (PSD) (Directive 2007/64/EC). The PSD was intended to regulate payment services providers (PSPs) and harmonise the payments sector within the EU.

Advances in payments systems outstripped the regulatory capacity of the PSD and a PSD2 was published in the Official Journal of the EU on 23 December 2015 (here). PSD2 came into force on 13 January 2016 and had to be implemented by Member States by 13 January 2018. The PSD was repealed with effect from that date. The government’s approach to transposing PSD2 was to copy-out the directive, while looking to take advantage of derogations, and ensuring that the exemptions from the PSD carry across to the PSD2 where appropriate. This will help to minimise the impacts on affected businesses,

Powered by Lexis+®
Jurisdiction(s):
United Kingdom
Related legal acts:
Key definition:
Payment service definition
What does Payment service mean?

Payment service includes credit card payments; payments into, and withdrawals from, ATM machines or over the counter; direct debits, including one-off direct debits; transferring e-money; payment transactions executed through a payment card or a similar device; credit transfers, including standing orders, BACS and CHAPS payments; and money remittance. It does not include cash-back services; cash payments directly between a payer and a payee without an intermediary; payment transactions through commercial agents; bureaux de change services; and certain services provided by technical service providers.

Read more

Popular documents

Payment Systems Regulator—establishment, constitution and remit

Payment Systems Regulator—establishment, constitution and remitSTOP PRESS—Impact of the Retained EU Law (Revocation and Reform) Act 2023: This document contains references to retained EU law (REUL) and associated terms introduced by the European Union (Withdrawal) Act 2018 in connection with Brexit.

If planning permission imposes restrictions on a licensed premises opening hours, once operational can

If planning permission imposes restrictions on a licensed premises opening hours, once operational can the personal licence holder apply for a Temporary Events Notice (TEN) to open for longer hours than those permitted in the planning permission?To use any property for a licensable activity both

What is the difference between an appeal and a review?

What is the difference between an appeal and a review?What is an appeal?An appeal in insolvency proceedings is no different to an appeal in normal litigation. An appeal will be allowed only if the appeal court is satisfied that the decision of the lower court was 'wrong' or 'unjust because of a

Late payment penalties—inheritance tax

Late payment penalties—inheritance taxWhile interest often accrues on overdue tax, the late payment of certain taxes may also attract a penalty. For information on the interest accruing on overdue tax, see Practice Notes: IHT—payment deadlines on death—Interest on IHT and Interest on late paid