FSA has published, in final form, changes to the Handbook and Enforcement Guide to reflect the introduction of the Payment Services Regulations on 1 November 2009 and the responses received on Consultation Paper 08/14. The policy statement:
- confirms the extension of the FOS compulsory jurisdiction to cover payment services by the PSRs;
- amends the definition of an eligible complainant for FOS purposes to include micro-enterprises;
- extends the jurisdictional scope of FOS to complaints against payment services providers involved in "one-leg in" transactions and transactions made in non-EU currencies;
- applies the complaints handling rules found in the DISP part of the Handbook to all payment services providers; and
- amends the DEPP and EG parts of the Handbook to reflect FSA's approach to enforcing the PSRs.
Businesses that will require authorisation or registration from FSA are reminded that they are able to apply from 1 May onwards.
FSA has also published an Approach Document describing its approach to implementing the PSRs and providing guidance giving a practical understanding of the new requirements, FSA's regulatory approach and how businesses will experience regulatory supervision.