HM Treasury has published a consultation document entitled Implementation of the Payment Services Directive: a consultation document. The Payment Services Directive (PSD) must be implemented into national law by 1 November 2009. In the Consultation Document, HM Treasury sets out how it proposes to implement the PSD in the UK. The Consultation Document sets out where HM Treasury has flexibility in implementation and presents the options available. In particular, it includes a discussion of the following issues:

  • The scope of firms which will be subject to the requirements of the PSD.
  • The application of safeguarding requirements to different types of business.
  • The conditions for waiving the application of the prudential authorisation requirements.
  • The waiving of some of the conduct of business conditions for low-value payment instruments and electronic money.
  • The potential changes to payer liability for unauthorised use of payment instruments.

Comments are invited by 18 March 2008.

View Implementation of the Payment Services Directive: a consultation document, (PDF 530KB), 19 December 2007