UK Payment Systems Regulator Consults on Monitoring and Enforcing the Revised Payment Services Directive

The Payment Systems Regulator has opened a consultation on its proposed approach to monitoring and enforcing the revised Payment Services Directive. The UK Government has separately consulted on draft Payment Services Regulations 2017 which will implement the revised Payment Services Directive into national laws and replace the existing Payment Services Regulations 2009 and new FCA rules are also subject to consultation. PSD2 will repeal the current Payment Services Directive with effect from January 13, 2018. Member States must adopt, publish and apply implementing laws from that date, subject to certain exceptions and transitional measures.

The PSR's consultation covers those areas of the draft Payment Services Regulations 2017 for which it is the competent regulator, including information on ATM withdrawal charges, the prohibition on restrictive rules on access to payment systems, indirect access to designated payment systems and access to bank accounts (the PSR and the Financial Conduct Authority are both competent authorities for access to bank accounts). The consultation closes on June 8, 2017 and the changes will take effect from January 13, 2018. The FCA is consulting on its approach to implementing the draft Payment Services Regulations 2017.

View the consultation paper.