This document describes our approach to implementing the Payment Services Regulations 2017 (the PSRs 2017), the Electronic Money Regulations 2011 (the EMRs) and the payment services and e-money-related rules in our Handbook of Rules and Guidance (the Handbook). It gives readers a comprehensive picture of the payment services and e-money regulatory regime in the UK. It also provides guidance for a practical understanding of the requirements, our regulatory approach, how businesses will experience regulatory supervision and the effect of Brexit on the payment services and e-money regulatory regime.
We use a number of similar terms with distinct meanings in this document. The glossary of terms, abbreviations and acronyms at the end provides a full list.