UK Payment Services Regulation
The new law came into force on 1st November. The law is the implementation into UK legislation of the EU Payment Services Directive, which creates a single market for the provision of payment services across the 27 member states of the EEA.
All 1500 plus UK money transfer companies will be affected in some way by the new law, which will be administered by the UK Financial Services Authority.
All money transfer companies will need to decide whether they will seek a pan-European licence under the PSD or whether they will prefer merely to seek registered status (allowing them to trade in the UK only).
UK Payment Services Regulation handbook
The UKMTA has commissioned PSE consultants to develop a handbook which summarises what the PSR’s will mean for UK money transfer companies. The handbook aims:
To explain the background to the PSD and how it will be implemented within the UK
To highlight the areas that will have an impact on UK money transfer companies:
- Scope of impact (types of transactions and processes)
- Provision of customer information
- Contracts (single and framework)
- Redress rights and support processes
- Payment Institution licensing and ongoing compliance
- Operational and security issues
The handbook is available to member companies for a fee of £100.
The fee for non member companies is £200.
For more information about the handbook or to order a copy, please apply to the UKMTA Chairman on 0207 808 7143.