On 10 February, the FCA published a call for input on its approach to the current payment services regime.
The document has been published as a result of the requirement to transpose PSD2 into UK law and regulation by January 2018. It explains that PSD2 changes the way payment services are regulated and that the changes must be reflected in the FCA guidance provided to firms.
HM Treasury is ultimately responsible for transposing the Directive and, in light of the changes, the FCA will update its Approach Document and Perimeter Guidance Manual, both of which were published in 2009. The call for input seeks guidance on whether both documents have kept up with market developments and growth in payment services, such that the FCA can address any existing issues.
The FCA welcomes views from anyone interested or affected by the regulatory regime for payment services (individuals and businesses alike). Responses to the call for input can be made until 23 March 2016.
Alongside the call for input, the FCA will be proactively engaging with relevant stakeholders over the coming months, details of which will be published on its website. The FCA also anticipates further consultation over the next two years focusing specifically on changes to its approach resulting from PSD2. HM Treasury is expected to consult on how PSD2 will be transposed in the UK in summer 2016. The FCA plans to share responses to the call for input with HM Treasury, unless respondents indicate otherwise.