FSA to supervise Payment Services Directive
HM Treasury to issue consultation on the implementation of the PSD into UK law
LONDON – After much speculation, MP Kitty Ussher, HM Treasury economic secretary, has confirmed the UK Financial Services Authority will be responsible for the provision of payment services established by the Payment Services Directive (PSD).
The money transfer sector, along with other payment service providers, will become subject to regulation under the PSD. The directive, which is due to be implemented in all EU Member States by November 2009, aims to harmonise the system for payment services, such as direct debits, card payments, and remittances, across the EU to increase cross-border competition in payments which is currently hampered by differing national standards.
The PSD seeks to improve consumer choice by opening up the payments market to greater competition. This is supported by the agreement reached on a new licencing regime for non-bank payment service providers such as money transfer operators, which will allow them to operate throughout the EU.
Final details regarding the implementation of the PSD provisions into UK law are currently being considered by the Treasury, which is expected to publish a consultation document on this issue later this year.
“We now need to consider how best to implement the Payment Services Directive in the UK and ensure the regime we create is proportionate and risk-based,” said Kitty Ussher in a speech to the Global Consumer Money Transfers conference. “In consulting on our approach to implementation this autumn we will be looking to support further competition, choice, efficiency and innovation in the payments market, and balance this with ensuring appropriate consumer protection, true to the aims of the Directive."
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@risk.net or view our subscription options here: http://subscriptions.risk.net/subscribe
You are currently unable to print this content. Please contact info@risk.net to find out more.
You are currently unable to copy this content. Please contact info@risk.net to find out more.
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Printing this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@risk.net
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@risk.net
More on Regulation
Industry calls for major rethink of Basel III rules
Isda AGM: Divergence on implementation suggests rules could be flawed, bankers say
Saudi Arabia poised to become clean netting jurisdiction
Isda AGM: Netting regulation awaiting final approvals from regulators
Japanese megabanks shun internal models as FRTB bites
Isda AGM: All in-scope banks opt for standardised approach to market risk; Nomura eyes IMA in 2025
CFTC chair backs easing of G-Sib surcharge in Basel endgame
Isda AGM: Fed’s proposed surcharge changes could hike client clearing cost by 80%
UK investment firms feeling the heat on prudential rules
Signs firms are falling behind FCA’s expectations on wind-down and liquidity risk management
The American way: a stress-test substitute for Basel’s IRRBB?
Bankers divided over new CCAR scenario designed to bridge supervisory gap exposed by SVB failure
Industry warns CFTC against rushing to regulate AI for trading
Vote on workplan pulled amid calls to avoid duplicating rules from other regulatory agencies
Bank of Communications moves early to meet TLAC requirements
China Construction Bank becomes last China G-Sib to release TLAC plans
Most read
- Top 10 operational risks for 2024
- Top 10 op risks: third parties stoke cyber risk
- Japanese megabanks shun internal models as FRTB bites