HM Treasury has published a consultation paper entitled "Implementation of the Payment Services Directive: a consultation on the draft legislations". In the Consultation Paper the HM Treasury seeks views on the proposed legislative measures for implementing the majority of the Payment Services Directive (PSD) in the UK.
With this document the Government is consulting on the draft HM Treasury Payment Services Regulations, which will implement the majority of the PSD on the 1 November 2009 in the UK. Later in 2008, the FSA will consult on the remaining PSD legislative changes, which concern the out-of-court redress and complaints procedures under article 83 of the PSD. In particular, the FSA will consult on the necessary changes to its Handbook to enable it to discharge some of its new responsibilities:
- Changes to the FSA Handbook: Dispute Resolution, so that the FSA’s complaints handling rules apply to all payment service providers, including those who will come under FSA supervision for the first time as a result of the implementing regulations, and to make changes to the jurisdiction of the Financial Ombudsman Service, so that it can perform the out-of-court redress function required by the PSD.
- Changes to the FSA Handbook: Decision Procedure and Penalties Manual and the FSA Handbook: Enforcement Guide to explain the FSA’s approach to enforcement of the PSD implementing legislation.
- Other consequential changes.
Comments are due by 3 October 2008.