The Payment Services Regulations 2017 – the PSR’s approach to monitoring and enforcement
The second EU Payment Services Directive (PSD2) is required to be in place in the UK by 13 January 2018.
The Treasury transposed PSD2 into UK legislation in the Payment Services Regulations 2017 (PSRs 2017) and these were published on 19 July 2017.
The Financial Conduct Authority (FCA) will be responsible for monitoring and enforcing compliance with most parts of the PSRs 2017.
We have been appointed the competent authority for monitoring compliance with Regulation 61 and Part 8 of the PSRs 2017.
These are as follows:
- 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?
In April we consulted on our proposed approach to monitoring and enforcing compliance with the parts of PSRs 2017 that we are responsible for.
We have reviewed the feedback given to us by stakeholders and are now sharing our guidance on the approach we intend to take in relation to these functions.
We are also publishing a joint Policy Statement with the FCA, which sets out our response to the main points raised by stakeholders in the consultation.
Who should read this document?
Our 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
We've produced a factsheet which you may find useful.