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Who do the Payment Services Regulations affect? All firms providing payment services by way of business must be registered with the FCA under the payment services directive: The Payment Services Directive PSD came into force on 1 November 2009. where during this time period the Payment Services Regulations (PSRs), was released and means that all companies listed below need to be registered with Payment Services Directive

The Payment Services Regulations affects firms providing payment services and their customers. These firms include:

  • High street banks
  • Building societies
  • e-money issuers
  • money remittance providers
  • non-bank credit card issuers
  • currency exchange companies

What is required by Payment Services Regulations?

  • they must be FCA-authorised or registered unless they are exempt
  • they meet the Payment Services Regulations conduct of business requirements

What are the Payment Services Regulations key provisions?

The Payment Services Regulations created a new line of defence of regulated firms known as payment institutions (PIs), who must either be authorised or registered due to a high number of currency companies going into liquidation To become an authorised payment institution they are subjected to prudential requirements. Where as part of this regulation all payment institutions must comply with the Payment Services Regulations code of conduct towards business trading and its requirements.

What must firms do if they want to provide payment services?

All firms and businesses intending to provide payment services by way of business must become authorised or registered with us before they begin to do so.

Payment Services Regulations are fully supportive of the objectives within the Recommendations for the Security of Internet Payments. Ensuring the security of payments and the protection of sensitive customer data is a critical part of the infrastructure of robust payment systems. Payment service providers have a responsibility to maintain adequate risk management systems and ensure consumers’ payments (including payments messages) are safe and secure. However, in order to ensure that measures on security of internet payments are implemented consistently across payment service providers, Payment Services Regulations will not be assessing firms for strict implementation of these recommendations.

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