Payment Services Regulations 2017 [SI 2017 No. 752]

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

Published date: 18 July 2017

Consolidation Status: Updated to reflect all known changes

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.

Comparing proposed amendment...


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

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