FSA has issued a consultation on implementation of the second Electronic Money Directive (EMD2) to supplement Treasury's consultation of last week. FSA plans a number of changes to its Handbook and associated materials:

  • changes to its perimeter guidance in PERG to help businesses work out whether they are within the new Regulations;
  • new reporting requirements, and some changes to the requirements for payment services providers;
  • changes to the Ombudsman and complaints handling rules to bring complaints within the scope of EMD2 within the FOS remit; and
  • changes to the Enforcement Guide.

The changes will also involve deletion of the current Electronic Money Sourcebook in its entirety from 30 April 2011. FSA wants comments by 30 November.