The FCA has published a brief call for input on its approach to payment services regulation.
The FCA’s existing Payment Services guidance can be found in:
- “The FCA’s role under the Payment Services Regulations 2009” (published June 2013) (the so called “Approach Document”); and
- Chapter 15 of the FCA’s Perimeter Guidance manual – “Guidance on the scope of the Payment Services Regulations 2009“.
These documents will need to be updated for PSD2. The FCA is also concerned that the market has probably moved on in the meantime. So it’s asking for input with a view to preparing some updated guidance in due course. However, it’s deliberately not asking for comments about PSD2 (the Directive’s been made, so it’s too late); or the UK’s PSD2 implementing rules (HM Treasury consult on this later).
The call for input includes 6 questions:
Q1: Since the Approach Document and PERG 15 were published in 2009, have you identified any specific sections of these documents which should be updated to reflect developments in payment services and changes in the market?
Q2: Are there any specific parts of the [Payment Services Regulations (PSRs)] where the FCA could provide further guidance or clarification in its Approach Document and/or PERG 15 to assist your understanding and/or compliance with the regulatory regime?
Q3: If you are regulated under the PSRs or are in the process of applying to be regulated, was the Approach Document and/or PERG 15 useful and, if so, how? If not, please tell us why and what could be improved.
Q4: Have you used the interactive Payment Services e-learning we provide for firms? Did you find it useful? [You didn’t know anything about it? It’s here.]
Q5: The FCA provides separate Approach Documents giving guidance to firms on the PSRs and the E-money Regulations (see the E-money Approach Document). Firms authorised under the Electronic Money Regulations 2011 are also subject to certain provisions of the PSRs and therefore may need to refer to both documents. Whether you currently use both of these Approach Documents or only one, does this structure present any difficulties?
Q6: At section 8.11 of the Payment Services Approach Document we provide some guidance on how the PSRs interact with other relevant pieces of legislation (for example, the Consumer Credit Act). Is the current guidance useful and are there any further pieces of legislation that it would be helpful to include in this section?
Answers can be submitted using the FCA’s online form (although there’s only room to answer the 6 specific questions the FCA has thought to raise), or by e-mail (email@example.com – which at least gives you an opportunity to the answer the questions the FCA didn’t ask). The call for input closes on 23 March 2016.