Complaints specific to the Payment Services Regulations 2017
The Payment Services Regulations 2017 – making a complaint to the Payment Systems Regulator (PSR)
Our powers under the PSRs 2017
The second EU Payment Services Directive (PSD2) commenced on 13 January 2018. PSD2 is implemented in the UK by the Payment Services Regulations 2017 (PSRs 2017).
The PSR is the competent authority for monitoring compliance with Regulation 61 and Part 8 of the PSRs 2017, covering:
- Regulation 61: Information on ATM withdrawal charges
- Regulation 103: Prohibition on restrictive rules on access to payment systems
- Regulation 104: Indirect access to designated payment systems
- Regulation 105: Access to bank accounts (the PSR and the FCA are both competent authorities for this Regulation)
We will consider any complaints in relation to compliance with these four regulations.
The PSRs 2017 give us a range of powers over regulated persons (persons that an obligation, restriction or prohibition is imposed on by a ‘directive requirement’). Our powers include:
- powers to give directions to remedy or prevent compliance failures, to obtain information or require or prohibit specified actions (Regulation 125)
- powers to impose sanctions where parties have failed to comply with a directive requirement or a direction we have given (Regulation 127(1))
- powers to gather information and to conduct investigations (Regulation 135)
- powers to publish details of a compliance failure and/or of a financial penalty imposed (Regulation 126)
Our powers under the PSRs 2017 are focused on ensuring compliance with the directive requirements. For example, we might:
- require a payment system’s access rules to be rewritten to be compliant with the directive requirements;
- require a payment system to reassess whether to grant access to a payment service provider (PSP) in accordance with its rules and the directive requirements; or
- seek to impose sanctions where a regulated person fails to comply with the requirements to have compliant access rules or treat a request for access in an objective, proportionate and non-discriminatory manner.
For information on the requirements of the relevant PSRs 2017 provisions and who they cover, see our guidance on The PSR’s approach to monitoring and enforcing the revised Payment Services Directive (PSD2).
Who can complain?
Payment service providers and other interested parties, including, for example, consumer associations or payment service users, can submit information to us about alleged failures by firms to meet their legal requirements.
How to submit a complaint
If you wish to make a complaint about a breach of the PSRs 2017 you can contact us by post:
Payment Systems Regulator
12 Endeavour Square
Or via email to: PSD2Complaints@psr.org.uk
What to include in your submission
In order for us to consider complaints and assess whether there has been a compliance failure, we will need detailed information on the nature of the alleged failure and any action the complainant believes we should take.
As a minimum, the complainant should provide us with the following information:
- their identity and contact details
- an indication of whether or not the complainant is a payment service user
- which PSP(s) their complaint is about
- the factual details of the situation and the compliance failure the complaint is about
- whether they have already approached the PSP(s)
- whether other entities have been involved in either the complaint process or the compliance failure
You can submit any documentary evidence in support of your complaint, such as a copy of your contract with the PSP, any correspondence exchanges with the PSP or any other entity, or the information related to your payment account.
What the PSR will do
We will acknowledge receipt of a complaint, usually within two working days from receipt.
If we consider it appropriate, we will provide the complainant with the details for the Financial Ombudsman Service.
When we receive a complaint, we will assess whether we have enough information to determine whether the matter is within our legal powers. We may ask the complainant for more detail if necessary. If we decide that the matter is not within our legal powers, we will tell the complainant.
When we receive the complaint, we will consider whether or not there appears to have been a compliance failure. A compliance failure includes not only a failure to meet the requirements under the PSRs 2017 but also a failure of any person to follow a direction provided by the PSR under Regulation 125.
If we consider it is appropriate, we may formally open a case.
If we consider that a compliance failure has occurred, we will decide whether to take enforcement action, and whether it’s appropriate to publish details of it.
For further information on how we will approach any complaints and what we will take into account, see our guidance on The PSR’s approach to monitoring and enforcing the revised Payment Services Directive (PSD2).