The Payment Services Regulations 2009

Made: 9th February 2009

Laid before Parliament: 9th February 2009

Coming into force in accordance with regulation 1(2)

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PART 1 — INTRODUCTORY PROVISIONS

Citation and commencement

1

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Interpretation

2

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Exemption for certain bodies

3

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PART 2 — REGISTRATION

The register

The register of certain payment service providers

4

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Authorisation as a payment institution

Application for authorisation as a payment institution or variation of an existing authorisation

5

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Conditions for authorisation as a payment institution

6

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Imposition of requirements

7

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Variation etc at request of authorised payment institution

8

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Determination of application for authorisation or variation of authorisation

9

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Cancellation of authorisation

10

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Variation of authorisation on Authority’s own initiative

11

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Registration as a small payment institution

Application for registration as a small payment institution or variation of an existing registration

12

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Conditions for registration as a small payment institution

13

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Supplementary provisions

14

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Application for authorisation as a payment institution where the financial limit is exceeded

15

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Common provisions

Duty to notify changes

16

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Authorised payment institutions and small payment institutions acting without permission

17

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PART 3 — AUTHORISED PAYMENT INSTITUTIONS

Capital requirements

18

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Safeguarding requirements

19

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Accounting and statutory audit

20

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Outsourcing

21

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Record keeping

22

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Exercise of passport rights

Notice of intention

23

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Registration of EEA branch

24

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Supervision of firms exercising passport rights

25

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Carrying on of Consumer Credit Act business by EEA authorised payment institutions

26

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PART 4 — PROVISIONS APPLICABLE TO AUTHORISED PAYMENT INSTITUTIONS AND SMALL PAYMENT INSTITUTIONS

Additional activities

27

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Payment accounts and sums received for the execution of payment transactions

28

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Use of agents

29

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Removal of agent from register

30

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Reliance

31

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Duty to notify change in circumstance

32

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PART 5 — INFORMATION REQUIREMENTS FOR PAYMENT SERVICES

Application

Application of Part 5

33

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Disapplication of certain regulations in the case of consumer credit agreements

34

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Disapplication of certain regulations in the case of low-value payment instruments

35

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Single payment service contracts

Information required prior to the conclusion of a single payment service contract

36

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Information required after receipt of the payment order

37

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Information for the payee after execution

38

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Avoidance of duplication of information

39

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Framework contracts

Prior general information for framework contracts

40

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Information during period of contract

41

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Changes in contractual information

42

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Termination of framework contract

43

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Information prior to execution of individual payment transaction

44

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Information for the payer on individual payment transactions

45

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Information for the payee on individual payment transactions

46

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Common provisions

Communication of information

47

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Charges for information

48

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Currency and currency conversion

49

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Information on additional charges or reductions

50

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PART 6 — RIGHTS AND OBLIGATIONS IN RELATION TO THE PROVISION OF PAYMENT SERVICES

Application

Application of Part 6

51

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Disapplication of certain regulations in the case of consumer credit agreements

52

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Disapplication of certain regulations in the case of low value payment instruments

53

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Charges

Charges

54

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Authorisation of payment transactions

Consent and withdrawal of consent

55

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Limits on the use of payment instruments

56

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Obligations of the payment service user in relation to payment instruments

57

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Obligations of the payment service provider in relation to payment instruments

58

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Notification of unauthorised or incorrectly executed payment transactions

59

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Evidence on authentication and execution of payment transactions

60

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Payment service provider’s liability for unauthorised payment transactions

61

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Payer’s liability for unauthorised payment transaction

62

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Refunds for payment transactions initiated by or through a payee

63

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Requests for refunds for payment transactions initiated by or through a payee

64

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Execution of payment transactions

Receipt of payment orders

65

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Refusal of payment orders

66

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Revocation of a payment order

67

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Amounts transferred and amounts received

68

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Execution time and value date

Application of regulations 70 to 72

69

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Payment transactions to a payment account

70

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Absence of payee’s payment account with the payment service provider

71

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Cash placed on a payment account

72

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Value date and availability of funds

73

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Liability

Incorrect unique identifiers

74

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Non-execution or defective execution of payment transactions initiated by the payer

75

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Non-execution or defective execution of payment transactions initiated by the payee

76

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Liability of payment service provider for charges and interest

77

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Right of recourse

78

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Force majeure

79

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PART 7 — THE AUTHORITY

The functions of the Authority

Functions of the Authority

80

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Supervision and enforcement

Monitoring and enforcement

81

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Reporting requirements

82

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Entry, inspection without a warrant etc

83

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Public censure

84

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Financial penalties

85

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Proposal to take disciplinary measures

86

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Injunctions

87

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Power of Authority to require restitution

88

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Proposal to require restitution

89

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Restitution orders

90

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Complaints

91

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Miscellaneous

Costs of supervision

92

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Guidance

93

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Authority’s exemption from liability in damages

94

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Application and modification of primary and secondary legislation

95

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PART 8 — ACCESS TO PAYMENT SYSTEMS

General

Application of Part 8

96

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Prohibition on restrictive rules on access to payment systems

97

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Supervision and enforcement

Power of OFT to investigate

98

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OFT power to require information

99

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Failure to comply with information requirement

100

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Privileged communications

101

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Notice of OFT decision

102

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Publication of OFT decision

103

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Enforcement of decisions

104

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Power of OFT to impose financial penalties

105

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Miscellaneous

Appeal to the Competition Appeal Tribunal

106

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Disclosure of information by OFT

107

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Defamation

108

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Guidance

109

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PART 9 — GENERAL

Criminal Offences

Prohibition on provision of payment services by persons other than payment service providers

110

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False claims to be a payment service provider or exempt

111

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Defences

112

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Contravention of regulations 49 and 50

113

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Misleading the Authority or the OFT

114

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Restriction on penalties

115

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Liability of officers of bodies corporate etc

116

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Prosecution of offences

117

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Proceedings against unincorporated bodies

118

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Duties of the Authority, the Commissioners and the OFT to cooperate

Duty to co-operate and exchange of information

119

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Actions for breach of requirements

Right to bring actions

120

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Transitional provisions

Transitional provisions: deemed authorisation

121

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Transitional provisions: requirement to be authorised as a payment institution

122

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Transitional provisions: requirement to be registered as a small payment institution

123

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Transitional provisions: early applications

124

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Transitional provisions: the ombudsman scheme

125

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Amendments to primary and secondary legislation

Amendments to primary and secondary legislation

126

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SCHEDULE 1 — Payment Services

PART 1 — Payment services

1

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PART 2 — Activities which do not constitute payment services

2

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SCHEDULE 2 — Information to be included in or with an application for authorisation

1

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2

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3

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4

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5

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6

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7

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8

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9

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10

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11

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12

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13

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SCHEDULE 3 — Capital requirements

PART 1 — Initial Capital

1

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2

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PART 2 — Own Funds

Qualifying items

3

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4

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5

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Deductions from own funds

6

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7

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Limits on qualifying items

8

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9

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10

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Own funds requirement

11

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Adjustment by the Authority

12

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13

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14

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Provision for start-up payment institutions

15

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Method A

16

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Method B

17

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Method C

18

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Application of accounting standards

19

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SCHEDULE 4 — Prior general information for framework contracts

1

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2

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3

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4

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5

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6

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7

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SCHEDULE 5 — Application and modification of legislation

PART 1 — Application and modification of the 2000 Act

Disciplinary powers

1

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The Tribunal

2

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Information gathering and investigations

3

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Auditors and actuaries

4

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Restriction on disclosure of information

5

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Insolvency

6

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Warning notices and decision notices

7

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Limitation on power to require documents

8

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PART 2 — Application and modification of secondary legislation

The Financial Services and Markets Act 2000 (Service of Notices) Regulations 2001

9

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

The Financial Services and Markets Act 2000 (Disclosure of Confidential Information) Regulations 2001

10

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

SCHEDULE 6 — Amendments to primary and secondary legislation

PART 1 — Amendments to primary legislation

The 2000 Act

1

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

PART 2 — Amendments to secondary legislation

The Cross Border Credit Transfer Regulations 1999

2

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

The Consumer Protection (Distance Selling) Regulations 2000

3

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

The Financial Services and Markets Act 2000 (Regulated Activities) Order 2001

4

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

The Financial Services (Distance Marketing) Regulations 2004

5

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

The Money Laundering Regulations 2007

6

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Signed

Dave Watts — Tony Cunningham — Two of the Lords Commissioners of Her Majesty’s Treasury — 9th February 2009

Explanatory note

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Footnotes

[^f00001]: The European Communities (Designation) (No.3) Order 1998 (S.I. 1998/2793) and the European Communities (Designation) (No.2) Order 2008 (S.I. 2008/1792).

[^f00002]: 1972 c. 68; section 2(2) was amended by section 27 of the Legislative and Regulatory Reform Act 2006 (c.51). By virtue of the amendment of section 1(2) made by section 1 of the European Economic Area Act 1993 (c.51) regulations may be made under section 2(2) to implement obligations of the United Kingdom created by or arising under the Agreement on the European Economic Area signed at Oporto on 2nd May 1992 (Cm 2073, OJ No L 1, 3.11.1994, p. 3) and the Protocol adjusting that Agreement signed at Brussels on 17th March 1993 (Cm 2183, OJ No L 1, 3.1.1994, p.572). Council Directive 2007/64/ECwas extended to the EEAby Decision No. 114/2008 of the EEA Joint Committee of 7th November 2008,OJ No. L 339, 18.12.2008, p.103.

[^f00003]: 2000 c.8.

[^f00004]: OJ No L 177, 30.6.2006, p.1.

[^f00005]: 2006 c.50.

[^f00006]: 2005 asp 10.

[^f00007]: 2008 c 12 (N.I.).

[^f00008]: OJ No L 275, 27.10.2000, p.39.

[^f00009]: OJ No L 193, 18.7.1983, p. 1.

[^f00010]: OJ No L 124, 20.5.2003, p.36.

[^f00011]: OJ No L 309, 25.11.2005, p.15.

[^f00012]: 2006 c.46.

[^f00013]: OJ No L 319, 5.12.2007, p.1.

[^f00014]: 1974 c.39.

[^f00015]: Established under section 132 of the 2000 Act.

[^f00016]: 1979 c.34.

[^f00017]: S.I. 1985/1205 (N.I. 12).

[^f00018]: 1987 c.22; repealed by S.I. 2001/3649, article 3(1)(d).

[^f00019]: S.I. 2007/2157; amended by S.I. 2007/3299.

[^f00020]: 2002 c.29.

[^f00021]: 2000 c.11.

[^f00024]: OJ No L 228, 16.8.1973, p.3.

[^f00025]: OJ No L 145, 30.4.2004, p.1.

[^f00026]: OJ No L 157, 9.6.2006, p.87.

[^f00027]: S.I. 2008/1911.

[^f00028]: Section 498 (5) was substituted by S.I 2008/393.

[^f00029]: Section 203 was amended by the Enterprise Act 2002 (c.40), section 278(1) and Schedule 25, paragraph 40(1) and (7), by the Consumer Credit Act 2006, section 33, by S.I. 2000/2952 and by S.I. 2007/3300.

[^f00030]: Section 204 was amended by the Enterprise Act 2002, section 278(1) and Schedule 25, paragraph 40(1) and (8).

[^f00031]: Schedule 16 was amended by the Enterprise Act 2002, section 278(1) and Schedule 25, paragraph 40(1) and (21).

[^f00032]: Section 21 was amended by the Consumer Credit Act 2006, section 33(1).

[^f00033]: Section 39 was amended by the Enterprise Act 2002, section 278(1) and Schedule 25, paragraph 6(1) and (19).

[^f00034]: 1974 c. 39.

[^f00035]: Section 84 was amended by S.I. 2000/2095 and 2000/2334.

[^f00036]: S.I. 2000/2334.

[^f00037]: Section 159(1) was amended by the Enterprise Act 2002 (c.40), section 278(1) and Schedule 25, paragraph 40, and by S.I. 2006/2975.

[^f00038]: S.I. 1999/2979.

[^f00039]: Established under section 12 of the Enterprise Act 2002 (c.40).

[^f00040]: Part 2 was amended by the Enterprise Act 2002, section 278(1) and Schedule 25, paragraph 40; by the Consumer Credit Act 2006, section 33(9); by S.I.2003/1473, 2003/2066, 2007/126 and 2007/3253.

[^f00041]: 1925 c. 86. Section 33 was amended by the Magistrates’ Courts Act 1952 (c.55), section 132 and Schedule 6, by the Courts Act 1971, section 56(1) and Schedule 8, by the Courts Act 1971 (c.23), Schedule 8, and by the Courts Act 2003 (c.39), Schedule 8, paragraph 71 and Schedule 10.

[^f00042]: 1980 c. 43. Schedule 3 was amended by the Criminal Justice Act 1991 (c.53), section 25(2) and Schedule 13, and by the Criminal Procedures and Investigations Act 1996 (c.25), Schedule 1, paragraph 1. Amendments by the Criminal Justice Act 2003 (c.44), Schedule 3, paragraph 51 and Schedule 37, Part 4 have not come into force at the time of making of these Regulations.

[^f00043]: 1995 c. 46. Section 70 was amended by the Postal Services Act 2000 (Consequential Modifications No 1) Order 2001 (S.I. 2001/1149), Schedule 1, paragraph 104, the Criminal Procedure (Amendment) (Scotland) Act 2004 (asp 5), section 10(6), and the Criminal Proceedings etc. (Reform) (Scotland) Act 2007 (asp 6), section 28.

[^f00044]: 1945 c. 15 (N.I.). Section 18 was amended by the Magistrates’ Courts Act 1964 (c.21) and by the Justice (Northern Ireland) Act 2002 (c.26), Schedule 12.

[^f00045]: S.I. 1981/1675 (N.I. 26).

[^f00046]: 1998 c. 29.

[^f00047]: S.I. 2007/2157, amended by S.I. 2007/3299.

[^f00048]: Part 16 and Schedule 17 were amended by the Consumer Credit Act 2006 (c.14), sections 59, 60 and 61 and Schedule 2, and by the Tribunals, Courts and Enforcement Act 2007 (c.15), section 62(3) and Schedule 13.

[^f00049]: OJ No L 345, 8.12.2006, p.1.

[^f00050]: 1985 c.6; section 7 was amended by S.I. 2000/3373.

[^f00051]: OJ No L 372, 31.12.1986, p.1.

[^f00052]: OJ No L 005, 7.1.78, p.27.

[^f00053]: OJ No L 345, 19.12.02, p.1.

[^f00054]: Amended by S.I. 2007/126.

[^f00055]: Amended by S.I 2007/126.

[^f00056]: Amended by S.I. 2007/126.

[^f00057]: Amended by S.I. 2007/126.

[^f00058]: Amended by S.I. 2005/1433.

[^f00059]: Subsections (3A) and (3B) were inserted by the Companies Act 2006, section 964(1),(4).

[^f00060]: Substituted by the Enterprise Act 2002, section 248(3), Schedule 17, paragraphs 53 and 55 and amended by S.I. 2005/1455. Amendments made by the Dormant Bank and Building Society Accounts Act 2008 (c.31) sections 15 and 31 and Schedule 2 paragraph 6(1) are not in force at the time of making of these Regulations.

[^f00061]: S.I. 2001/1420; a relevant amending instrument is S.I 2005/274.

[^f00062]: S.I. 2001/2188; relevant amending instruments are S.I. 2003/1473, 2005/3071, 2006/3413.

[^f00063]: S.I. 1999/1876.

[^f00064]: S.I. 2000/2334.

[^f00065]: S.I. 2001/544; relevant amending instruments are S.I. 2002/682, 2002/1776.

[^f00066]: S.I. 2004/2095.

Editorial notes

[^key-c2895bc6ddd587866ea113ab509df027]: Regulations revoked (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(3), Sch. 1 Pt. 2 (with s. 1(4)); S.I. 2023/779, reg. 3(b), Sch. [Editorial note: No historical revised versions have been created for amendments to this S.I. made prior to its final revocation. A revised version of how the S.I. stood at its first commencement is available and, to see the document content as it originally stood when it was made, select the 'Original (As Made)' version from the left-hand menu. For further details of the amendments see the List of All Changes available in 'More Resources' above]