Treasury has made the Payment Services Regulations 2009. These will take effect on various dates up to full implementation on 1 November. In particular, FSA can accept applications from payment institutions from 1 May. The Regulations:
- provide for FSA to keep a register of payment institutions;
- set the authorisation criteria for payment institutions (including capital requirements and how to exercise passporting rights) and the registration requirements for small payment institutions;
- impose information requirements for different types of payment contract;
- set out rights and obligations for those that provide payment services (on charges, authorisations, execution and liability);
- explain the role of FSA; and
- deal with access to payment services, supervisory powers and criminal offences.
The explanatory notes to the Regulations explain which other supervisory bodies will have responsibilities: HMRC for AML issues for those providers that fall under the MLR, OFT for competition aspects of the Regulations and FOS.
