FCA Consultation Paper – Implementation of the revised Payment Services Directive (PSD2)

The FCA has today published Consultation Paper (CP17/11) – Implementation of the revised Payment Services Directive (PSD2): draft Approach Document and draft Handbook changes.

The revised Payment Services Directive (PSD2) aims to integrate the market for payments; improve the level playing field for payment service providers, including new players; protect consumers, making payments more safe and secure; and encourage lower prices for payments. It is being implemented in the UK through the Payment Services Regulations 2017.

The FCA is consulting on guidance in a revised Approach Document, to reflect PSD2 changes and the Treasury’s new regulations. See Payment Services and Electronic Money – Our Approach.

The FCA is also consulting on some changes to the FCA Handbook and notifications for businesses using exclusions from regulation. The Consultation Paper also includes proposals from the Payment Systems Regulator on aspects of PSD2 for which it is responsible.

The FCA is asking for feedback on the proposals by 8 June 2017. The majority of PSD2 requirements must be implemented by 13 January 2018.