Payment Services Regulations 2017 [SI 2017 No. 752]

Version status: In force | Document consolidation status: Updated to reflect all known changes

Published date: 18 July 2017

Payment Services Regulations 2017 [SI 2017 No. 752]

To be revoked by s. 1 and Sch. 1 Pt 2 to the Financial Services and Markets Act 2023 (c. 29) (FSMA 2023), Sch. 1 Pt 2 not yet fully commenced.

	Introductory Text
	Part 1 Introductory provisions (regs. 1-3)
	Regulation 1 Citation, commencement and extent
	⚠ Regulation 2 Interpretation
	Regulation 3 Exemption for certain bodies
	Part 2 Registration (regs. 4-21)
	The register (reg. 4)
	Regulation 4 The register of certain payment service providers
	Authorisation as a payment institution (regs. 5-12)
	Regulation 5 Application for authorisation as a payment institution or variation of an existing authorisation
	Regulation 6 Conditions for authorisation as a payment institution
	Regulation 7 Imposition of requirements
	Regulation 8 Variation etc. at request of authorised payment institution
	Regulation 9 Determination of application for authorisation or variation of authorisation
	Regulation 10 Cancellation of authorisation
	Regulation 11 Request for cancellation of authorisation
	Regulation 12 Variation of authorisation on FCA's own initiative
	Registration as a small payment institution (regs. 13-16)
	Regulation 13 Application for registration as a small payment institution or variation of an existing registration
	⚠ Regulation 14 Conditions for registration as a small payment institution
	Regulation 15 Supplementary provisions
	Regulation 16 Application for authorisation or registration if requirements cease to be met
	Registration as an account information service provider (regs. 17-19)
	Regulation 17 Application for registration as an account information service provider or variation of an existing registration
	Regulation 18 Conditions for registration as an account information service provider
	Regulation 19 Supplementary provisions
	Common provisions (regs. 20-21)
	Regulation 20 Duty to notify changes
	Regulation 21 Authorised payment institutions, small payment institutions and registered account information service providers acting without permission
	Part 3 Authorised Payment Institutions (regs. 22-30)
	Regulation 22 Capital requirements
	Regulation 23 Safeguarding requirements
	Regulation 23A Insolvency Regulations
	Regulation 24 Accounting and statutory audit
	Regulation 25 Outsourcing
	Exercise of passport rights (regs. 26-30)
	Regulation 26 Application of regulations 27 to 30 to account information service providers
	Regulation 27 Notice of intention
	Regulation 28 Decision following notice of intention
	Regulation 29 Notice of intention from an EEA authorised payment institution
	Regulation 30 Supervision of firms exercising passport rights
	Part 4 Provisions Applicable to Authorised Payment Institutions and Small Payment Institutions (regs. 31-37)
	Regulation 31 Record keeping
	Regulation 32 Additional activities
	Regulation 33 Payment accounts and sums received for the execution of payment transactions
	Regulation 34 Use of agents
	Regulation 35 Removal of agent from register
	Regulation 36 Reliance
	Regulation 37 Duty to notify change in circumstance
	Part 5 Requirements for providers of certain services which are not payment services (regs. 38-39)
	Regulation 38 Notification of use of limited network exclusion
	Regulation 39 Notification of use of electronic communications exclusion
	Part 6 Information Requirements for Payment Services (regs. 40-62)
	Application (regs. 40-42)
	Regulation 40 Application of Part 6
	Regulation 41 Application of this Part in the case of consumer credit agreements
	Regulation 42 Disapplication of certain regulations in the case of low-value payment instruments
	Single payment service contracts (regs. 43-47)
	Regulation 43 Information required prior to the conclusion of a single payment service contract
	Regulation 44 Information required after the initiation of a payment order
	Regulation 45 Information required after receipt of the payment order
	Regulation 46 Information for the payee after execution
	Regulation 47 Avoidance of duplication of information
	Framework contracts (regs. 48-54)
	Regulation 48 Prior general information for framework contracts
	Regulation 49 Information during period of contract
	Regulation 50 Changes in contractual information
	⚠ Regulation 51 Termination of framework contract
	Regulation 52 Information prior to execution of individual payment transaction
	Regulation 53 Information for the payer on individual payment transactions
	Regulation 54 Information for the payee on individual payment transactions
	Common provisions (regs. 55-59)
	Regulation 55 Communication of information
	Regulation 56 Charges for information
	Regulation 57 Currency and currency conversion
	Regulation 58 Information on additional charges or reductions
	Regulation 59 Burden of proof on payment service provider
	Other information requirements (regs. 60-62)
	Regulation 60 Information requirements for account information service providers
	Regulation 61 Information on ATM withdrawal charges
	Regulation 62 Provision of information leaflet
	Part 7 Rights and Obligations in Relation to the Provision of Payment Services (regs. 63-101)
	Application (regs. 63-65)
	Regulation 63 Application of Part 7
	Regulation 64 Application of this Part in the case of consumer credit agreements
	Regulation 65 Disapplication of certain regulations in the case of low value payment instruments
	Charges (reg. 66)
	Regulation 66 Charges
	Authorisation of payment transactions (regs. 67-80)
	Regulation 67 Consent and withdrawal of consent
	Regulation 68 Confirmation of availability of funds for card-based payment transactions
	Regulation 69 Access to payment accounts for payment initiation services
	Regulation 70 Access to payment accounts for account information services
	Regulation 71 Limits on the use of payment instruments and access to payment accounts
	Regulation 72 Obligations of the payment service user in relation to payment instruments and personalised security credentials
	Regulation 73 Obligations of the payment service provider in relation to payment instruments
	Regulation 74 Notification and rectification of unauthorised or incorrectly executed payment transactions
	Regulation 75 Evidence on authentication and execution of payment transactions
	Regulation 76 Payment service provider's liability for unauthorised payment transactions
	Regulation 77 Payer or payee's liability for unauthorised payment transactions
	Regulation 78 Payment transactions where the transaction amount is not known in advance
	Regulation 79 Refunds for payment transactions initiated by or through a payee
	Regulation 80 Requests for refunds for payment transactions initiated by or through a payee
	Execution of payment transactions (regs. 81-84)
	Regulation 81 Receipt of payment orders
	Regulation 82 Refusal of payment orders
	Regulation 83 Revocation of a payment order
	Regulation 84 Amounts transferred and amounts received
	Execution time and value date (regs. 85-89)
	Regulation 85 Application of regulations 86 to 88
	Regulation 86 Payment transactions to a payment account
	Regulation 87 Absence of payee's payment account with the payment service provider
	Regulation 88 Cash placed on a payment account
	Regulation 89 Value date and availability of funds
	Liability (regs. 90-96)
	Regulation 90 Incorrect unique identifiers
	Regulation 91 Non-execution or defective or late execution of payment transactions initiated by the payer
	Regulation 92 Non-execution or defective or late execution of payment transactions initiated by the payee
	Regulation 93 Non-execution or defective or late execution of payment transactions initiated through a payment initiation service
	Regulation 94 Liability of payment service provider for charges and interest
	Regulation 94A Liability of payment service provider for charges and interest as a consequence of delay under regulation 86(2B)
	Regulation 95 Right of recourse
	Regulation 96 Force majeure
	Miscellaneous (regs. 97-101)
	Regulation 97 Consent for use of personal data
	Regulation 98 Management of operational and security risks
	Regulation 99 Incident reporting
	Regulation 100 Authentication
	Regulation 101 Dispute resolution
	Part 8 Access to payment systems and bank accounts (regs. 102-105)
	Regulation 102 Application of regulation 103
	Regulation 103 Prohibition on restrictive rules on access to payment systems
	Regulation 104 Indirect access to designated systems
	Regulation 105 Access to bank accounts
	Part 9 The Financial Conduct Authority (regs. 106-122)
	⚠ Regulation 106 Functions of the FCA
	Regulation 106A Technical standards
	Regulation 107 Application of this Part to requirements of retained direct EU legislation and FCA rules
	Supervision and enforcement (regs. 108-117)
	Regulation 108 Monitoring and enforcement
	Regulation 109 Reporting requirements
	Regulation 110 Public censure
	Regulation 111 Financial penalties
	Regulation 112 Proposal to take disciplinary measures
	Regulation 113 Injunctions
	Regulation 114 Power of FCA to require restitution
	Regulation 115 Proposal to require restitution
	Regulation 116 Restitution orders
	Regulation 117 Complaints
	Miscellaneous (regs. 118-122)
	Regulation 118 Costs of supervision
	Regulation 119 Credit agreements
	Regulation 120 Guidance
	Regulation 121 FCA's exemption from liability in damages
	Regulation 122 Application and modification of primary and secondary legislation
	Part 10 The Payment Systems Regulator (regs. 123-136)
	Regulation 123 Interpretation of Part 10
	Regulation 124 Functions of the Payment Systems Regulator
	Regulation 125 Directions
	Regulation 126 Publication of compliance failures and penalties
	Regulation 127 Penalties
	Regulation 128 Notice of publication of a compliance failure or of imposition of a penalty
	Regulation 129 Injunctions
	Regulation 130 Appeals: general
	Regulation 131 Appeals against directions and publication of compliance failures
	Regulation 132 Appeals in relation to penalties
	Regulation 133 Complaints
	Regulation 134 Guidance
	Regulation 135 Information and investigation
	Regulation 136 Application of other provisions of the 2013 Act
	Part 11 General (regs. 137-158)
	Contracting out of statutory requirements (reg. 137)
	Regulation 137 Prohibition on contracting out of statutory requirement
	Criminal Offences (regs. 138-146)
	Regulation 138 Prohibition on provision of payment services by persons other than payment service providers
	Regulation 139 False claims to be a payment service provider or exempt
	Regulation 140 Defences
	Regulation 141 Contravention of regulations 57 and 58
	Regulation 142 Misleading the FCA or the Payment Systems Regulator
	Regulation 143 Restriction on penalties
	Regulation 144 Liability of officers of bodies corporate etc
	Regulation 145 Prosecution of offences
	Regulation 146 Proceedings against unincorporated bodies
	Miscellaneous (regs. 147-148A)
	Regulation 147 Duty to co-operate and exchange of information
	Regulation 148 Actions for breach of requirements
	Regulation 148A Single Euro Payments Area
	Transitional and saving provisions (regs. 149-154)
	Regulation 149 Saving of Payment Services Regulations 2009
	Regulation 150 Transitional and saving provisions: authorised payment institutions
	Regulation 151 Transitional and saving provisions: small payment institutions
	Regulation 152 Transitional provisions: payments through network operators
	Regulation 153 Transitional and saving provisions: general
	Regulation 154 Transitional provisions: account information services and payment initiation services
	Gibraltar (reg. 155)
	Regulation 155 Application to Gibraltar
	Amendments to legislation (regs. 156-157)
	Regulation 156 Amendments to primary and secondary legislation
	Regulation 157 Revocations
	Review (reg. 158)
	Regulation 158 Review
	Schedule 1 Payment Services
	Schedule 1, Part 1 Payment services (para. 1)
	Schedule 1, Part 2 Activities which do not constitute payment services (para. 2)
	Schedule 2 Information to be included in or with an application for authorisation
	Schedule 3 Capital requirements
	Schedule 3, Part 1 Initial capital (paras. 1-2)
	Schedule 3, Part 2 Own funds (paras. 3-11)
	Schedule 3A Application and modification of the Banking Act 2009
	Schedule 4 Prior general information for framework contracts
	Schedule 5 Credit agreements
	Schedule 5, Part 1 Prohibitions and restrictions (paras. 1-2)
	Schedule 5, Part 2 Procedure and appeals (paras. 3-6)
	Schedule 6 Application and modification of legislation
	Schedule 6, Part 1 Application and modification of the 2000 Act (paras. 1-11)
	Schedule 6, Part 2 Application and modification of secondary legislation (paras. 12-13)
	Schedule 7 Gibraltar
	Schedule 8 Amendments to legislation
	Schedule 8, Part 1 Amendments to primary legislation (paras. 1-4)
	Schedule 8, Part 2 Amendments to the Electronic Money Regulations 2011 (para. 5)
	Schedule 8, Part 3 Amendments to other secondary legislation (paras. 6-26)
	Schedule 9 Revocations
	Signature
	Explanatory Note
	Explanatory Memorandum