FSA has published an amended version of its Approach Document that sets out how FSA interprets and applies various provisions of the Payment Services Regulations (PSRs). The document has been significantly changed since FSA first published it in April 2009. The key changes include:

  • clarification of FSA’s expectations relating to the application form;
  • reminding firms they must not use FSA’s logo on their websites;
  • clarifying FSA’s interpretation of certain terms;
  • detail on the effect of the safeguarding requirements;
  • clarification of reporting requirements; and
  • examples of circumstances in which FSA may consider cancelling an authorisation.

(Source: May 2011 Version of PSR Approach Document)