(This note is not part of the Regulations)
These Regulations amend provisions of the Payment Services Regulations 2017 which require payment service providers (PSPs) to execute payment transactions within maximum time limits (regulation 86). The amendments give a payer’s PSP the ability to delay the execution of certain payment orders where, within a specified time, the PSP establishes reasonable grounds to suspect the order has been made subsequent to fraud or dishonesty perpetrated by a third party (which may include the payee). The delay is to be used to enable the PSP to determine whether the order should be executed and must not exceed a specified time limit.
Where the PSP exercises the ability to delay, these Regulations also make provision as to how and when the payer should be notified of the delay and for liability for any charges or interest incurred by the payer as a result.
A full impact assessment of the effect that this instrument will have on the costs of business, the
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