UK regulators call for PSD2 feedback
The UK’s Financial Conduct Authority (FCA) and Payment Systems Regulator (PSR) are calling for input on their approach to applying the second EU Payment Services Directive (PSD2).
PSD2 is required to be in place in the UK by 13 January 2018, and the nation’s HM Treasury will transpose PSD2 into UK legislation in the Payment Services Regulations 2017 (PSRs 2017), which will replace the Payment Services Regulations 2009.
The FCA says it will continue being responsible for authorising and supervising payment service providers under PSD2. The PSR will also be responsible for certain aspects which relate to payment systems.
This consultation paper proposes a revised “approach document” which sets out 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.
As well as the changes due to PSD2, the approach document includes some proposed clarifications of existing and new guidance, largely in response to its February 2016 call for input.
The FCA also propose changes to its handbook – including rules, guidance and directions that apply to payment service providers, e-money issuers, and to other providers of retail banking services.
In its paper, the PSR is also consulting on its approach to monitoring and enforcing the four regulations it’s responsible for in PSRs 2017.
Comments are needed by 8 June 2017 and you can do that, and find all the documents and reports, here.
The FCA expects to publish a policy statement in Q3 2017.
