Financial Services—Payment Services annual round-up: reviewing 2017 and previewing 2018
Financial Services—Payment Services annual round-up: reviewing 2017 and previewing 2018

The following Financial Services guidance note provides comprehensive and up to date legal information covering:

  • Financial Services—Payment Services annual round-up: reviewing 2017 and previewing 2018
  • PSD2: Reviewing 2017
  • The Payment Services Regulations 2017
  • FCA and Payment Services Regulator approaches to PSD2 implementation
  • Commission and EBA guidelines and technical standards
  • Previewing 2018 for payment services
  • Contact us

This year’s Financial Services payment services annual round-up reviews some of the most significant payment services developments of 2017 and previews what is on the horizon for 2018. This includes the transposition of the recast Payment Services Directive (PSD2) through the implementation of the Payment Services Regulations 2017 (PSRs 2017). In addition, the Financial Conduct Authority (FCA) and Payment Services Regulator (PSR) published their approaches to implementing PSD2 and the FCA revised its PSD2 authorisation webpages. The European Banking Authority (EBA) also published numerous guidelines and regulatory technical standards (RTS) in relation to PSD2. Also included below are updates on LexisNexis®’s content, including news of exciting developments from the past year and what is coming up in the next 12 months.

PSD2: Reviewing 2017

The Payment Services Regulations 2017

What happened?

Following a HM Treasury consultation published in February 2017, the Payment Services Regulations 2017, SI 2017/752 (PSRs 2017) were laid before Parliament on 19 July 2017. Rather than adopt a copy-out approach to transpose PSD2, in order to reduce the cost for businesses and consumers, the Treasury proposed to build on the existing Payment Services Regulations, SI 2009/209 (PSRs), including the continued use of derogations exercised in the implementation of the original Payment Services Directive (Directive 2007/64/EC) (PSD).

What are the key implications?

The PSRs 2017 are broader