FSA has published its final rules to implement the second Electronic Money Directive into its rules. It has made some changes to the proposals in its consultation and has now published final rules that cover:
- new perimeter guidance in PERG;
- reporting requirements;
- giving the Financial Ombudsman Service an out-of-court redress function for e-money complaints;
- changes to the Enforcement Guide; and
- consequential changes to the Handbook.
FSA advises Electronic Money Institutions (currently called ELMIs) and small e-money issuers to consider whether they need authorisation or registration to continue their business, because they must decide by 1 July at the latest whether they wish to become an authorised or small “ELMI” under the new rules. FSA has also made new rules on the application fees for Electronic Money Institutions. (Source: Policy Statement PS11/2: Implementation of the second Electronic Money Directive: supplement to HM Treasury’s consultation – Feedback on CP10/25 and part of CP10/24, and final rules, FSA 2011/7 (FOS 2011/1) and FSA 2011/6)