Payment Services Regulations 2017—disclosure requirements
Payment Services Regulations 2017—disclosure requirements

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

  • Payment Services Regulations 2017—disclosure requirements
  • Background to disclosure requirements under the PSRs 2017
  • Introduction to payment services disclosure requirements
  • Corporate opt-out
  • Categories of customers
  • Disclosure requirements for single payment service contracts
  • Prior to transaction/contract
  • Information where payment order is initiated through a payment initiation service provider
  • At the time the payment order is made
  • After execution of payment transactions
  • More...

BREXIT: The UK is leaving EU on Exit Day (as defined in the European Union (Withdrawal) Act 2018). This has an impact on this Practice Note. For further guidance on the impact of Brexit on payment services regulation, see Practice Note: Impact of Brexit: Payment services and electronic money directives—quick guide.

Background to disclosure requirements under the PSRs 2017

The second Payment Services Directive (PSD2) (Directive 2015/2366/EC) came into force on 13 January 2016 and was implemented in the UK on 13 January 2018. The PSD was repealed with effect from that date. PSD2 is implemented in the UK by the Payment Services Regulations 2017 (PSRs 2017), SI 2017/752. As was the case of its predecessor, the Payment Services Regulations 2009 (PSRs), SI 2009/209, the PSRs 2017 contains provisions (contained in Part 6) which implement provisions relating to the disclosure requirements of payment services providers (PSPs) and payment services users in relation to the provision of payment services.

This Practice Note should be read in conjunction with other Practice Notes relating to the Payment Services Regulations 2017, namely Payment Services Regulations 2017—scope, Payment Services Regulations 2017—prudential regime, Payment Services Regulations 2017—authorisation and passporting rights, Payment Services Regulations 2017—rights and obligations in relation to the provision of payment services and Payment Services Regulations 2017—criminal offences and the FCA's and PSR's approaches.

For further information on PSD2, see Practice Notes:

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