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If you have any queries about the Payment Services Regulations please contact us.
The Government appointed the FSA as the competent authority for most aspects of the Payment Services Directive (PSD). On 01 November 2009, the UK implemented the PSD through the Payment Services Regulations 2009 (PSRs).
All firms providing payment services by way of business must:
- be FSA authorised or registered, unless they are exempt; and
- meet the PSRs conduct of business requirements.
PSRs Online Training
The FSA has developed an e-learning package to provide an overview of the PSRs, covering both the authorisation and registration requirements and the conduct of business requirements.
It may be of interest to staff within firms who are authorised or registered as payment institutions, and to staff at banks and building societies who are affected by the conduct of business provisions.
The package is free to use and no record will be kept of your score.
The PSRs affects firms providing payment services and their customers. These firms include:
- banks;
- building societies;
- e-money issuers;
- money remitters;
- non-bank credit card issuers; and
- non-bank merchant acquirers.
The PSRs created a new class of regulated firms known as payment institutions (PIs), who must either be authorised or registered by us. Authorised PIs are subject to prudential requirements.
All PIs must comply with the PSRs conduct of business requirements. Information about them and other aspects of the PSRs can be found in our Approach Document. This Document:
- describes our approach to implementing the PSRs;
- provides firms with links to all the information they need to give a comprehensive picture of the PSRs regime; and
- provides explanatory guidance that gives a practical understanding of the requirements, our regulatory approach and how firms experience regulatory supervision. Practical guidance on common topics is also provided in our PSRs frequently asked questions.
Authorised and registered PIs need to provide us with two types of information while they are being regulated – we categorise these as ‘reporting’ and ‘notifications’.
Reporting information is the information we need on a periodic basis to comply with our supervisory and EU reporting obligations. Information about what is required can be found in Chapter 13 of our Approach Document. First reports will be due within one month of a PI’s accounting date.
Notifications are what PIs need to send us when there is a change in the information they have already provided. PIs must provide details of the change without undue delay – we consider this to be within 28 days of the change. More information about when notifications are required and how to submit them can be found in Chapter 4 of our Approach Document.
Pls requiring assistance about reporting or notifications, or any other aspect of being regulated, can contact our Firms Contact Centre on 0845 606 9966 (call rates may vary).
If firms are unsure whether their activities fall within the scope of the PSRs, then they should consult our Perimeter Guidance.
All firms intending to provide payment services by way of business must become authorised or registered with us before they begin to do so – they cannot take advantage of the transitional provisions.
If firms are unsure whether they will need to seek authorisation as a PI or whether they qualify for registration only, then they should consider Part 2 of the PSRs.
If a firm qualifies for registration, it might still want to apply to become an authorised PI if it wishes to passport its payment services to other EEA Member States.
Firms should submit applications at least three months before they begin providing payment services, so we have time to consider their application.
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