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The Payment Services Regulations 2017 – the PSR’s draft approach to monitoring and enforcement

Published 13 04 2017
Closes 08 06 2017

The second EU Payment Services Directive (PSD2) is required to be in place in the UK by 13 January 2018. The Treasury will transpose PSD2 into UK legislation in the Payment Services Regulations 2017 (PSRs 2017) which will replace the Payment Services Regulations 2009.

We are consulting on our approach to monitoring and enforcing Regulation 61 and part 8 (Regulations 102-105) of the PSRs 2017 for which we have been appointed the competent authority:

  • 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 Financial Conduct Authority (FCA) are both competent authorities for this Regulation)

Why are we publishing this?

We are sharing our proposed approach to monitoring and enforcing compliance with the parts of PSRs 2017 that we are responsible for, so that stakeholders can give us their views.

How do I respond to this consultation?                 

The FCA is the competent authority for most provisions of the PSRs 2017. It is also seeking stakeholders’ views on its proposed approach to monitoring and enforcing compliance.

The FCA’s consultation paper contains the consultation questions relevant to both the PSR’s and FCA’s approach documents.

The questions on the PSR’s approach are in chapter 10.

Read the FCA’s consultation paper.

We are providing a single response point to make it easier for stakeholders to respond to both consultations.

Who should read this document?

Our draft approach document will be of direct interest to:

  • four-party payment card systems and their participants
  • three-party card systems with licensees
  • interbank payment systems that are designated under the EU Settlement Finality Directive
  • payment service providers (PSPs)
  • credit institutions and payment institutions
  • independent ATM deployers
  • end users – those that use a payment system

Next steps

We are providing a single response point to make it easier for stakeholders to respond to both consultations.

Responses and comments can be sent to: PSD2@fca.org.uk

Please send your views on our proposed approach by 8 June 2017 or by using the response form located on the FCA's website.