On 11 July, the Payment Services Regulations 2012 (PSR 2012) were published. The new regulations make a number of amendments to the Money Laundering Regulations 2007 and the Payment Services Regulations 2009. They enable the FSA to check that owners and managers of small payment institutions are fit and proper and possess all the necessary skill and expertise required of their position. This seeks to address the concern that a number of unfit persons may currently establish or manage those types of payment institutions. HMRC is also given the power to strike off the register of money service businesses, those which are not authorised or registered to provide payment services.
The PSR 2012 come into force on 1 October 2012, with the exception of the regulations relating to the consequential amendments, which come into force on 1 August 2012.