We have regulated payment services since By regulating this activity, we are implementing the Payment Services Directive. PSD2 is being implemented in the UK through the Payment Services Regulations , which the Treasury consulted on in February. Financial Conduct Authority. The FCA's role under the Payment Services Regulations June Preface. The Payment Services Approach Document is.
Our approach to the Payment Services Regulations The Payment Services Approach Document is aimed at helping firms navigate through the Payment Services Regulations PSRs and our relevant rules and guidance, and to understand our general approach in this area. Guidelines on the criteria on how to stipulate the minimum monetary amount of the professional indemnity insurance under PSD2. As this is a maximum harmonising Directive, there is limited opportunity to diverge from the prescribed provisions, and HM Treasury have taken the approach of implementing these requirements through the Payment Services Regulations PSRs Services covered include, amongst other things, those relating to the operation of payment accounts for example, cash deposits and withdrawals from current accounts and flexible savings accounts , execution of payment transactions, card issuing, merchant acquiring, money remittance and certain mobile phone-based payment services. Table of Contents Content. Leave this field blank. We publish the final Handbook changes and the finalised guidance. Firms which are already registered with the FCA and appear on the FSMA Register and E-Money register do not need further registration. It also affects businesses not currently authorised or registered with the FCA that carry on or intend to carry on payment related activities. Contact us at enquiries bovill. Table of Contents Content. Registers and systems Connect Financial Services Register Gabriel Mutuals Public Register Regulated Covered Bonds Register. New firm authorisation Authorisation Authorisation:
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Our Services Solicitors Chartered Accountants Corporate Finance Financial Planning FCA Regulatory Compliance Outsourcing Arlington Recruitment. Revised Payment Services Directive PSD2. The EBA is developing its RTS and Guidelines and will consult publicly on draft versions. Conditions for authorisation The FSA may refuse the application for authorisation unless certain conditions are met in relation to - holding the amount of initial capital required; the location of the registered office or head office; the applicant must satisfy the FSA that, taking into account the need to ensure the sound and prudent conduct of the affairs of the institution, it has robust governance arrangements for its payment service business, including a clear organisational structure with well-defined, transparent and consistent lines of responsibility, effective procedures to identify, manage, monitor and report any risks to which it might be exposed; and adequate internal control mechanisms. Transaction reporting Approved Reporting Mechanisms Determining which instruments are reportable Request sample transaction reporting data Transaction reporting. Careers home Early careers Experienced professionals Search jobs and apply. Banks, building societies and credit unions Consumer credit firms Electronic money institutions Financial advisers Fintech and innovative businesses General insurers and insurance intermediaries Investment managers Life insurers and pension providers Mortgage lenders and intermediaries Mutual societies Payment institutions Sole advisers Wealth managers. More tasks for regulated firms. Leave this field blank. We are consulting on our approach to applying the Payment Services Regulations Our Services Solicitors Chartered Accountants Corporate Finance Financial Planning FCA Regulatory Compliance Outsourcing Arlington Recruitment.
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The Safeguarding Requirements Contained In Regulation 19 Of The Payment Services Regulations 2009 Home FCA Handbook What's New Instruments Forms Guides Join Up MyFCA. Media centre Media library. New firm authorisation Authorisation Authorisation: Sign up for Regulation Round-up. Implementation of PSD2 First published: What can we do to improve pages like this?