lexiara

The Payment Services Regulations 2017

law · United Kingdom · uksi/2017/752

967 provisions

Defined terms · All instruments

1 Citation, commencement and extent
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7
2 Interpretation
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3 Exemption for certain bodies
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3
4 The register of certain payment service providers
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6
5 Application for authorisation as a payment institution or variation of an existing authorisation
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6 Conditions for authorisation as a payment institution
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7 Imposition of requirements
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8 Variation etc. at request of authorised payment institution
9 Determination of application for authorisation or variation of authorisation
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10
10 Cancellation of authorisation
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11 Request for cancellation of authorisation
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12 Variation of authorisation on FCA's own initiative
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13 Application for registration as a small payment institution or variation of an existing registration
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14 Conditions for registration as a small payment institution
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15 Supplementary provisions
16 Application for authorisation or registration if requirements cease to be met
17 Application for registration as an account information service provider or variation of an existing registration
1
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18 Conditions for registration as an account information service provider
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19 Supplementary provisions
20 Duty to notify changes
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21 Authorised payment institutions, small payment institutions and registered account information service providers acting without permission
22 Capital requirements
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23 Safeguarding requirements
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23A Insolvency Regulations
24 Accounting and statutory audit
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25 Outsourcing
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26 Application of regulations 27 to 30 to account information service providers
27 Notice of intention
28 Decision following notice of intention
29 Notice of intention from an EEA authorised payment institution
30 Supervision of firms exercising passport rights
31 Record keeping
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2
32 Additional activities
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2
33 Payment accounts and sums received for the execution of payment transactions
34 Use of agents
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35 Removal of agent from register
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36 Reliance
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37 Duty to notify change in circumstance
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2
38 Notification of use of limited network exclusion
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6
39 Notification of use of electronic communications exclusion
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40 Application of Part 6
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1A
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41 Application of this Part in the case of consumer credit agreements
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42 Disapplication of certain regulations in the case of low-value payment instruments
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2
43 Information required prior to the conclusion of a single payment service contract
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44 Information required after the initiation of a payment order
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45 Information required after receipt of the payment order
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2
46 Information for the payee after execution
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2
47 Avoidance of duplication of information
48 Prior general information for framework contracts
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49 Information during period of contract
50 Changes in contractual information
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6
51 Termination of framework contract
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51A Termination of framework contract entered into before 28th April 2026
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51B Termination of framework contract entered into on or after 28th April 2026
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51C Exceptions to regulation 51B(1) in relation to money laundering and immigration requirements etc.
51D Exceptions to regulation 51B(3) in relation to certain public order offences etc.
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52 Information prior to execution of individual payment transaction
53 Information for the payer on individual payment transactions
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54 Information for the payee on individual payment transactions
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55 Communication of information
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56 Charges for information
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57 Currency and currency conversion
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2
58 Information on additional charges or reductions
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59 Burden of proof on payment service provider
60 Information requirements for account information service providers
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61 Information on ATM withdrawal charges
62 Provision of information leaflet
A1
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63 Application of Part 7
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1A
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64 Application of this Part in the case of consumer credit agreements
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65 Disapplication of certain regulations in the case of low value payment instruments
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66 Charges
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2A
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67 Consent and withdrawal of consent
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68 Confirmation of availability of funds for card-based payment transactions
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69 Access to payment accounts for payment initiation services
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70 Access to payment accounts for account information services
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71 Limits on the use of payment instruments and access to payment accounts
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72 Obligations of the payment service user in relation to payment instruments and personalised security credentials
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73 Obligations of the payment service provider in relation to payment instruments
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2
74 Notification and rectification of unauthorised or incorrectly executed payment transactions
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2
75 Evidence on authentication and execution of payment transactions
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76 Payment service provider's liability for unauthorised payment transactions
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77 Payer or payee's liability for unauthorised payment transactions
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78 Payment transactions where the transaction amount is not known in advance
79 Refunds for payment transactions initiated by or through a payee
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80 Requests for refunds for payment transactions initiated by or through a payee
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81 Receipt of payment orders
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82 Refusal of payment orders
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83 Revocation of a payment order
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84 Amounts transferred and amounts received
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85 Application of regulations 86 to 88
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1A
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86 Payment transactions to a payment account
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2A
2B
2C
2D
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87 Absence of payee's payment account with the payment service provider
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88 Cash placed on a payment account
89 Value date and availability of funds
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90 Incorrect unique identifiers
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91 Non-execution or defective or late execution of payment transactions initiated by the payer
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92 Non-execution or defective or late execution of payment transactions initiated by the payee
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93 Non-execution or defective or late execution of payment transactions initiated through a payment initiation service
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94 Liability of payment service provider for charges and interest
94A Liability of payment service provider for charges and interest as a consequence of delay under regulation 86(2B)
95 Right of recourse
96 Force majeure
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97 Consent for use of personal data
98 Management of operational and security risks
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99 Incident reporting
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100 Authentication
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101 Dispute resolution
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102 Application of regulation 103
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103 Prohibition on restrictive rules on access to payment systems
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104 Indirect access to designated systems
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105 Access to bank accounts
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106 Functions of the FCA
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106A Technical standards
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107 Application of this Part to requirements of assimilated direct legislation and FCA rules
108 Monitoring and enforcement
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109 Reporting requirements
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1A
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110 Public censure
111 Financial penalties
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112 Proposal to take disciplinary measures
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113 Injunctions
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114 Power of FCA to require restitution
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115 Proposal to require restitution
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116 Restitution orders
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117 Complaints
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118 Costs of supervision
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119 Credit agreements
120 Guidance
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121 FCA's exemption from liability in damages
122 Application and modification of primary and secondary legislation
123 Interpretation of Part 10
124 Functions of the Payment Systems Regulator
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125 Directions
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2A
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4A
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126 Publication of compliance failures and penalties
127 Penalties
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128 Notice of publication of a compliance failure or of imposition of a penalty
129 Injunctions
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130 Appeals: general
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131 Appeals against directions and publication of compliance failures
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132 Appeals in relation to penalties
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133 Complaints
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134 Guidance
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135 Information and investigation
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136 Application of other provisions of the 2013 Act
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137 Prohibition on contracting out of statutory requirement
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138 Prohibition on provision of payment services by persons other than payment service providers
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139 False claims to be a payment service provider or exempt
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140 Defences
141 Contravention of regulations 57 and 58
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142 Misleading the FCA or the Payment Systems Regulator
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143 Restriction on penalties
144 Liability of officers of bodies corporate etc
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145 Prosecution of offences
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146 Proceedings against unincorporated bodies
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147 Duty to co-operate and exchange of information
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148 Actions for breach of requirements
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148A Single Euro Payments Area
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149 Saving of Payment Services Regulations 2009
150 Transitional and saving provisions: authorised payment institutions
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151 Transitional and saving provisions: small payment institutions
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152 Transitional provisions: payments through network operators
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153 Transitional and saving provisions: general
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154 Transitional provisions: account information services and payment initiation services
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155 Application to Gibraltar
156 Amendments to primary and secondary legislation
157 Revocations
158 Review
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10
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11
1 Insolvency regulations
2 Insolvency regulations
3 Insolvency regulations
4 Insolvency regulations
5 Insolvency regulations
6 Insolvency regulations
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1 Power to prohibit the entry into credit agreements
2 Power to restrict the entry into credit agreements and to withdraw or vary a restriction
3 Interpretation
4 Notice of prohibition or restriction
5 Application to withdraw or vary prohibition or restriction
6 Notice to the home state competent authority
1 Disciplinary powers
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2
2 The Upper Tribunal
7A
3 FCA rules
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1A
1B
2
2A
3
4 Information gathering and investigations
5A
2
6
10
5 Control over payment institutions
2A
2C
6 Incoming firms: interventions by the FCA
7 Auditors and actuaries
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2
8 Restriction on disclosure of information
1
9 Insolvency
10 Warning notices and decision notices
1ZB
11 Limitation on power to require documents
12 The Financial Services and Markets Act 2000 (Service of Notices) Regulations 2001
13 The Financial Services and Markets Act 2000 (Disclosure of Confidential Information) Regulations 2001
1B
1 Exercise of market access rights by Gibraltar-based firms
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1A
2
2A
2B
3
2 Exercise by authorised payment institutions of market access rights in Gibraltar
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1A
1B
2
2A References to Gibraltar regulator
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2
3 Modification of legislation
1 Consumer Credit Act 1974
1A
2 Financial Services and Markets Act 2000
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11
3 Enterprise Act 2002
4 Financial Services (Banking Reform) Act 2013
5 Electronic Money Regulations 2011
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6 Rehabilitation of Offenders Act 1974 (Exceptions) Order 1975
7 Individual Savings Account Regulations 1998
8 Financial Services and Markets Act 2000 (Regulated Activities) Order 2001
9 Child Trust Funds Regulations 2004
10 Financial Services (Distance Marketing) Regulations 2004
11 Investment Bank Special Administration Regulations 2011
12 Consumer Rights (Payment Surcharges) Regulations 2012
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8
13 Postal Services Act 2011 (Disclosure of Information) Order 2012
14 Payments in Euro (Credit Transfers and Direct Debits) Regulations 2012
15 Payment to Treasury of Penalties (Enforcement Costs) Order 2013
16 Financial Services Act 2012 (Relevant Functions in relation to Complaints Scheme) Order 2014
17 Communications Act 2003 (Disclosure of Information) Order 2014
18 Financial Services and Markets Act 2000 (Excluded Activities and Prohibitions) Order 2014
19 Public Interest Disclosure (Prescribed Persons) Order 2014
20 Enterprise Act 2002 (Part 8 EU Infringements) Order 2014
21 Payment to Treasury of Penalties (Enforcement Costs of the Payment Systems Regulator) Order 2015
22 Mortgage Credit Directive Order 2015
23 Small and Medium Sized Business (Credit Information) Regulations 2015
24 Small and Medium Sized Business (Finance Platforms) Regulations 2015
25 Payment Accounts Regulations 2015
26 Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017