Payment services and e-money

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This Overview is a guide to the Financial Services content within the Payment services subtopic, with links to appropriate materials.

EU regulation of payment services

The Payment Services Directive (Directive 2007/64/EC) (PSD1) provided the legal foundation for the creation of an EU-wide single market for payments.

PSD1 was intended to regulate PSPs and harmonise the payments sector within the EU. However, advances in payments systems have outstripped the regulatory capacity of PSD1 and, in July 2013, the European Commission introduced a proposal for a second Payment Services Directive (COM(2013) 547 final) (PSD2) (see: Proposal), which incorporates and repeals PSD1. PSD2 addresses the technological advances affecting payments, the increased incidence of online payments fraud and inconsistent implementation of certain provisions of PSD1. It introduces rules for third-party PSPs, expands the geographic scope, increases requirements on security and narrows the exemptions available under PSD1.

The second Payment Services Directive (PSD2) (Directive 2015/2366/EC) was published in the Official Journal of the EU on 23 December 2015 (here) and came into force on 13 January 2016.

EU regulation of payment services providers—essentials

This Practice Note provides an overview, and

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Latest Financial Services News

FCA rule change may put firms at risk of fraud prosecution

Law360, London: The Financial Conduct Authority's (FCA) proposed partial relaxation of the approval process under its senior managers regime as the UK pushes for deregulation could increase exposure among companies to fraud prosecution under another regulatory snag—the offence of failure to prevent fraud, which goes live in September 2025.

ESAs publish consolidated Q&A on SFDR implementation

The European Supervisory Authorities (the European Securities and Markets Authority, the European Banking Authority and the European Insurance and Occupational Pensions Authority or ESAs) have published a consolidated questions and answers document on the Sustainable Finance Disclosure Regulation (SFDR) (Regulation (EU) 2019/2088) and its Delegated Regulation (Commission Delegated Regulation (EU) 2022/1288). This document integrates European Commission interpretations of EU law with ESA guidance on practical application. It addresses issues such as scope, definitions of sustainable investments, principal adverse impact disclosures, financial product disclosures, multi-option products, taxonomy alignment, and financial adviser obligations.

HM Treasury announces extension for Basel 3.1 and CRR consultation deadlines

HM Treasury has announced extended deadlines for consultation responses on Basel 3.1 implementation and Capital Requirements Regulation (CRR) reforms. The Basel 3.1 Market Risk Transitional Provision consultation will now close at 23:45 on 12 September 2025, while responses for the Overseas Recognition Regimes and key UK CRR definitions chapters, alongside the associated draft legislation, are due by 23:45 on 30 September 2025. These extensions follow feedback requesting additional time for review.

Financial Services—other developments (4/8/2025)

A round-up of other developments, which have not been covered in full by the LexisNexis Financial Services practical guidance team but may nevertheless be of interest.

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