The Payment Services Regulations 2017

Transitional and saving provisions: authorised payment institutions

— Regulation 150 — Transitional and saving provisions: authorised payment institutions Where a person provides payment services before 13th January 2018…

Application for registration as an account information service provider or variation of an existing registration

— Regulation 17 — Application for registration as an account information service provider or variation of an existing registration An application for…

Payer or payee's liability for unauthorised payment transactions

— Regulation 77 — Payer or payee's liability for unauthorised payment transactions Subject to paragraphs (2), (3) and (4), a payment service provider which is…

Payments in Euro (Credit Transfers and Direct Debits) Regulations 2012

— Regulation 14 — Payments in Euro (Credit Transfers and Direct Debits) Regulations 2012 In regulation 2(1) of the Payments in Euro (Credit Transfers and…

Capital requirements

— Regulation 22 — Capital requirements An authorised payment institution must maintain at all times own funds equal to or in excess of the greater of— the…

Determination of application for authorisation or variation of authorisation

— Regulation 9 — Determination of application for authorisation or variation of authorisation The FCA must determine an application for authorisation or the…

Refunds for payment transactions initiated by or through a payee

— Regulation 79 — Refunds for payment transactions initiated by or through a payee Where the conditions in paragraph (2) and the requirement in regulation 80…

Request for cancellation of authorisation

— Regulation 11 — Request for cancellation of authorisation A request for cancellation of a person's authorisation under regulation 10(1)(b) (cancellation of…

Defences

— Regulation 140 — Defences In proceedings for an offence under regulation 138 or 139 it is a defence for the accused to show that they took all reasonable…

Prohibition on contracting out of statutory requirement

— Regulation 137 — Prohibition on contracting out of statutory requirement A payment service provider may not agree with a payment service user that it will…

Information and investigation

— Regulation 135 — Information and investigation Sections 81 to 93 of the 2013 Act (information and investigation powers and disclosure of information) apply…

["Regulation 3"]

Regulation 3 Evidence that the applicant holds initial capital for the purposes of regulation 6(3).

Use of agents

— Regulation 34 — Use of agents Authorised payment institutions , small payment institutions and registered account information service providers may not…

Enterprise Act 2002 (Part 8 EU Infringements) Order 2014

— Regulation 20 — Enterprise Act 2002 (Part 8 EU Infringements) Order 2014 In the Enterprise Act 2002 (Part 8 EU Infringements) Order 2014 — in article 4 for…

Information for the payer on individual payment transactions

— Regulation 53 — Information for the payer on individual payment transactions The payer's payment service provider under a framework contract must provide to…

["Regulation 9"]

Regulation 9 A description of the principles and definitions used by the applicant in collecting statistical data on performance, transactions and fraud.

Appeals against directions and publication of compliance failures

— Regulation 131 — Appeals against directions and publication of compliance failures This regulation applies where a person is appealing to the Competition…

Functions of the FCA

— Regulation 106 — Functions of the FCA The FCA ... has the functions and powers conferred on it by these Regulations…

Public censure

— Regulation 110 — Public censure If the FCA considers that a person has contravened a requirement imposed on them by or under these Regulations or, in the…

Transitional provisions: payments through network operators

— Regulation 152 — Transitional provisions: payments through network operators Paragraphs (2) and (3) apply where, before 13th January 2018, a person provides…

Power to prohibit the entry into credit agreements

— Regulation 1 — Power to prohibit the entry into credit agreements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Payment to Treasury of Penalties (Enforcement Costs) Order 2013

— Regulation 15 — Payment to Treasury of Penalties (Enforcement Costs) Order 2013 In article 2(1) of the Payment to Treasury of Penalties (Enforcement Costs)…

Evidence on authentication and execution of payment transactions

— Regulation 75 — Evidence on authentication and execution of payment transactions Where a payment service user— denies having authorised an executed payment…

Authentication

— Regulation 100 — Authentication A payment service provider must apply strong customer authentication where a payment service user— accesses its payment…

Activities which do not constitute payment services", "Regulation 3"]

Regulation 3 The provision of cash otherwise than through an automatic teller machine does not constitute a payment service where— there is a transfer of a…

Information on additional charges or reductions

— Regulation 58 — Information on additional charges or reductions The payee must inform the payer of any charge requested or reduction offered by the payee for…

Amendments to primary and secondary legislation

— Regulation 156 — Amendments to primary and secondary legislation Schedule 8, which contains amendments to primary and secondary legislation, has effect.

FCA's exemption from liability in damages

— Regulation 121 — FCA's exemption from liability in damages The functions of the FCA under these Regulations are to be treated for the purposes of paragraph…

Monitoring and enforcement

— Regulation 108 — Monitoring and enforcement The FCA must maintain arrangements designed to enable it to determine whether— persons on whom requirements are…

Payment Accounts Regulations 2015

— Regulation 25 — Payment Accounts Regulations 2015 In the Payment Accounts Regulations 2015 — in regulation 2(1) (interpretation), in the definition of…

Contravention of regulations 57 and 58

— Regulation 141 — Contravention of regulations 57 and 58 A person (not being a payment service provider) who contravenes regulation 57(2) or 58(2)…

Financial Services and Markets Act 2000 (Excluded Activities and Prohibitions) Order 2014

— Regulation 18 — Financial Services and Markets Act 2000 (Excluded Activities and Prohibitions) Order 2014 In regulation 1(4) of the Financial Services and…

Application of other provisions of the 2013 Act

— Regulation 136 — Application of other provisions of the 2013 Act For the purposes of these Regulations section 40 (3) and (4) of the 2013 Act (Financial…

Injunctions

— Regulation 129 — Injunctions If, on the application of the Payment Systems Regulator, the court is satisfied— that there is a reasonable likelihood that…

Restitution orders

— Regulation 116 — Restitution orders The court may, on the application of the FCA, make an order under paragraph (2) if it is satisfied that a person has…

Payment service provider's liability for unauthorised payment transactions

— Regulation 76 — Payment service provider's liability for unauthorised payment transactions Subject to regulations 74 and 75, where an executed payment…

Modification of legislation

— Regulation 3 — Modification of legislation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Transitional and saving provisions: small payment institutions

— Regulation 151 — Transitional and saving provisions: small payment institutions Where a person provides payment services before 13th January 2018 pursuant to…

Reliance

— Regulation 36 — Reliance Where an authorised payment institution , a small payment institution or a registered account information service provider relies on…

Notice to the home state competent authority

— Regulation 6 — Notice to the home state competent authority . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

False claims to be a payment service provider or exempt

— Regulation 139 — False claims to be a payment service provider or exempt A person who does not fall within any of sub-paragraphs (a) to (f) of regulation…

["Regulation 19"]

Regulation 19 In the case of an applicant which proposes to provide payment initiation services or account information services, the professional indemnity…

["Regulation 2"]

Regulation 2 The following information about the payment service— a description of the main characteristics of the payment service to be provided; the…

Electronic Money Regulations 2011

— Electronic Money Regulations 2011 — Regulation 5 — Electronic Money Regulations 2011 The Electronic Money Regulations 2011 are amended as follows. In…

Notification and rectification of unauthorised or incorrectly executed payment transactions

— Regulation 74 — Notification and rectification of unauthorised or incorrectly executed payment transactions A payment service user is entitled to redress…

Appeals in relation to penalties

— Regulation 132 — Appeals in relation to penalties This regulation applies where a person is appealing to the Competition Appeal Tribunal against a decision…

Information for the payee after execution

— Regulation 46 — Information for the payee after execution The payee's payment service provider must, immediately after the execution of the payment…

Incident reporting

— Regulation 99 — Incident reporting If a payment service provider becomes aware of a major operational or security incident, the payment service provider…

Payment to Treasury of Penalties (Enforcement Costs of the Payment Systems Regulator) Order 2015

— Regulation 21 — Payment to Treasury of Penalties (Enforcement Costs of the Payment Systems Regulator) Order 2015 In the Payment to Treasury of Penalties…

Citation, commencement and extent

— Regulation 1 — Citation, commencement and extent These Regulations may be cited as the Payment Services Regulations 2017. The following provisions come into…

Receipt of payment orders

— Regulation 81 — Receipt of payment orders A payer's payment service provider must not debit the payment account before receipt of a payment order. Subject to…

["Regulation 5"]

Regulation 5 The following information about safeguards and corrective measures— where relevant, a description of the steps that the payment service user is to…

Removal of agent from register

— Regulation 35 — Removal of agent from register The FCA may remove an agent of an authorised payment institution , small payment institution or registered…

Public Interest Disclosure (Prescribed Persons) Order 2014

— Regulation 19 — Public Interest Disclosure (Prescribed Persons) Order 2014 In the Schedule to the Public Interest Disclosure (Prescribed Persons) Order 2014…

Insolvency

— Regulation 9 — Insolvency The sections of the 2000 Act mentioned in the first column of the Table apply with any modifications shown in the third column. To…

["Regulation 16"]

Regulation 16 The legal status of the applicant and, where the applicant is a limited company, its articles. In this paragraph “articles” has the meaning given…

Obligations of the payment service provider in relation to payment instruments

— Regulation 73 — Obligations of the payment service provider in relation to payment instruments A payment service provider issuing a payment instrument must—…

Financial penalties

— Regulation 111 — Financial penalties The FCA may impose a penalty of such amount as it considers appropriate on— a payment service provider who has…

Insolvency regulations

— Regulation 3 — Insolvency regulations Section 234 of the Banking Act 2009 (regulations: details) applies as if— references to investment bank insolvency…

Complaints

— Regulation 117 — Complaints The FCA must maintain arrangements designed to enable payment service users and other interested parties to submit complaints to…

Financial Services and Markets Act 2000

— Regulation 2 — Financial Services and Markets Act 2000 The 2000 Act is amended as follows. In section 1H (further interpretative provisions for sections 1B…

Access to bank accounts

— Regulation 105 — Access to bank accounts A credit institution must— grant payment service providers of the types referred to in paragraphs (a) to (f) of the…

Interpretation of Part 10

— Regulation 123 — Interpretation of Part 10 In this Part— “the 2013 Act” means the Financial Services (Banking Reform) Act 2013 ; “compliance failure” means a…

Information during period of contract

— Regulation 49 — Information during period of contract If the payment service user so requests at any time during the contractual relationship, the payment…

Actions for breach of requirements

— Regulation 148 — Actions for breach of requirements A contravention— which is to be taken to have occurred by virtue of regulation 21 (authorised payment…

["Regulation 7"]

Regulation 7 A description of the applicant's process for filing, monitoring, tracking and restricting access to sensitive payment data.

Functions of the Payment Systems Regulator

— Regulation 124 — Functions of the Payment Systems Regulator The Payment Systems Regulator has the functions and powers conferred on it by these Regulations…

Notification of use of limited network exclusion

— Regulation 38 — Notification of use of limited network exclusion If a person (“service provider”) provides services of the type falling within paragraph…

Own funds", "Regulation 3"]

Regulation 3 The amount of own funds referred to in regulation 22(1)(b) is to be calculated in accordance with such of Method A, Method B or Method C (set out…

Obligations of the payment service user in relation to payment instruments and personalised security credentials

— Regulation 72 — Obligations of the payment service user in relation to payment instruments and personalised security credentials A payment service user to…

References to Gibraltar regulator

— Regulation 2A — References to Gibraltar regulator The Treasury may by regulations made by statutory instrument make such amendments of the references in…

Own funds", "Regulation 4"]

Regulation 4 The FCA may direct that an authorised payment institution must hold own funds up to 20% higher, or up to 20% lower, than the amount which would…

["Regulation 1"]

Regulation 1 A programme of operations setting out, in particular, the type of payment services envisaged.

Exemption for certain bodies

— Regulation 3 — Exemption for certain bodies Subject to paragraph (2) and regulation 4(1)(f), these Regulations do not apply to the following persons— credit…

Saving of Payment Services Regulations 2009

— Regulation 149 — Saving of Payment Services Regulations 2009 Notwithstanding the revocation of the Payment Services Regulations 2009 by regulation 157…

Application to Gibraltar

— Regulation 155 — Application to Gibraltar Schedule 7, which contains provisions concerning the application of these Regulations to Gibraltar, has effect.

["Regulation 17"]

Regulation 17 The address of the head office of the applicant.

Payment accounts and sums received for the execution of payment transactions

— Regulation 33 — Payment accounts and sums received for the execution of payment transactions Any payment account held by an authorised payment institution or…

["Regulation 13"]

Regulation 13 In relation to each person holding, directly or indirectly, a qualifying holding in the applicant— the size and nature of their qualifying…

Cancellation of authorisation

— Regulation 10 — Cancellation of authorisation The FCA may cancel a person's authorisation and enter such cancellation in the register where— the person does…

Incorrect unique identifiers

— Regulation 90 — Incorrect unique identifiers Where a payment order is executed in accordance with the unique identifier, the payment order is deemed to have…

Changes in contractual information

— Regulation 50 — Changes in contractual information Subject to paragraph (4), any proposed changes to— the existing terms of the framework contract; or the…

Liability of officers of bodies corporate etc

— Regulation 144 — Liability of officers of bodies corporate etc If an offence under these Regulations committed by a body corporate is shown— to have been…

Insolvency regulations

— Regulation 1 — Insolvency regulations Section 93(4) of the Banking Act 2009 (interpretation: other expressions) applies as if— the reference to a bank were…

Transitional provisions: account information services and payment initiation services

— Regulation 154 — Transitional provisions: account information services and payment initiation services Paragraph (2) applies to a person that— provided…

Amounts transferred and amounts received

— Regulation 84 — Amounts transferred and amounts received Subject to paragraph (2), the payment service providers of the payer and payee must ensure that the…

Mortgage Credit Directive Order 2015

— Regulation 22 — Mortgage Credit Directive Order 2015 In article 26 of the Mortgage Credit Directive Order 2015 (extension of the compulsory jurisdiction of…

Disciplinary powers

— Regulation 1 — Disciplinary powers Sections 66 (disciplinary powers) to 70 (statements of policy: procedure) of the 2000 Act apply but as if for section 66A…

Interpretation

— Regulation 2 — Interpretation In these Regulations— “the 2000 Act” means the Financial Services and Markets Act 2000; “account information service” means an…

Value date and availability of funds

— Regulation 89 — Value date and availability of funds The credit value date for the payee's payment account must be no later than the business day on which…

Accounting and statutory audit

— Regulation 24 — Accounting and statutory audit Where an authorised payment institution carries on activities other than the provision of payment services, it…

Auditors and actuaries

— Regulation 7 — Auditors and actuaries Section 340 (appointment of auditors and actuaries) of the 2000 Act applies with the following modifications—…

Information requirements for account information service providers

— Regulation 60 — Information requirements for account information service providers A registered account information service provider ... must provide to the…

Conditions for registration as a small payment institution

— Regulation 14 — Conditions for registration as a small payment institution The FCA may refuse to register an applicant as a small payment institution only if…

Access to payment accounts for account information services

— Regulation 70 — Access to payment accounts for account information services This regulation applies only in relation to a payment account which is accessible…

Termination of framework contract entered into before 28th April 2026

— Regulation 51A — Termination of framework contract entered into before 28th April 2026 The payment service provider may terminate a framework contract…

Authorised payment institutions, small payment institutions and registered account information service providers acting without permission

— Regulation 21 — Authorised payment institutions, small payment institutions and registered account information service providers acting without permission If…

["Regulation 4"]

Regulation 4 Where regulation 23 (safeguarding requirements) applies, a description of the measures taken for safeguarding payment service users' funds in…

Power of FCA to require restitution

— Regulation 114 — Power of FCA to require restitution The FCA may exercise the power in paragraph (2) if it is satisfied that a payment service provider…

Proceedings against unincorporated bodies

— Regulation 146 — Proceedings against unincorporated bodies Proceedings for an offence alleged to have been committed by a partnership or an unincorporated…

Insolvency regulations

— Regulation 4 — Insolvency regulations Section 235 of the Banking Act 2009 (regulations: procedure) applies as if— references to investment bank insolvency…

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

— Regulation 91 — Non-execution or defective or late execution of payment transactions initiated by the payer This regulation applies where a payment order is…

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

— Regulation 13 — The Financial Services and Markets Act 2000 (Disclosure of Confidential Information) Regulations 2001 The Financial Services and Markets Act…

Charges

— Regulation 66 — Charges The payment service provider may only charge the payment service user for the fulfilment of any of its obligations under this Part—…

Financial Services Act 2012 (Relevant Functions in relation to Complaints Scheme) Order 2014

— Regulation 16 — Financial Services Act 2012 (Relevant Functions in relation to Complaints Scheme) Order 2014 In article 2(b) of the Financial Services Act…

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

— Regulation 42 — Disapplication of certain regulations in the case of low-value payment instruments This regulation applies in respect of payment instruments…

Application of this Part in the case of consumer credit agreements

— Regulation 64 — Application of this Part in the case of consumer credit agreements This regulation applies where a payment service is provided in relation to…

["Regulation 6"]

Regulation 6 A description of the applicant's procedure for monitoring, handling and following up security incidents and security-related customer complaints…

Notice of intention

— Regulation 27 — Notice of intention . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Provision of information leaflet

— Regulation 62 — Provision of information leaflet The FCA must— produce a user-friendly electronic document listing in a clear and easily comprehensible…

["Regulation 6"]

Regulation 6 The following information about changes to and termination of the framework contract— where relevant, the proposed terms under which the payment…

Prosecution of offences

— Regulation 145 — Prosecution of offences Proceedings for an offence under these Regulations may be instituted only— in respect of an offence under regulation…

Penalties

— Regulation 127 — Penalties The Payment Systems Regulator may require a regulated person to pay a penalty in respect of a compliance failure. A penalty— must…

Safeguarding requirements

— Regulation 23 — Safeguarding requirements For the purposes of this regulation “relevant funds” comprise the following— sums received from, or for the benefit…

Credit agreements

— Regulation 119 — Credit agreements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Communications Act 2003 (Disclosure of Information) Order 2014

— Regulation 17 — Communications Act 2003 (Disclosure of Information) Order 2014 In article 3(e) of the Communications Act 2003 (Disclosure of Information)…

Exercise by authorised payment institutions of market access rights in Gibraltar

— Regulation 2 — Exercise by authorised payment institutions of market access rights in Gibraltar For the purposes of these Regulations, an authorised payment…

Costs of supervision

— Regulation 118 — Costs of supervision The functions of the FCA under these Regulations are to be treated for the purposes of paragraph 23 of Schedule 1ZA…

Reporting requirements

— Regulation 109 — Reporting requirements A person must give the FCA such information as the FCA may direct in respect of its provision of payment services or…

Dispute resolution

— Regulation 101 — Dispute resolution This regulation applies in relation to complaints from payment service users who are not eligible within the meaning of…

Revocations

— Regulation 157 — Revocations An instrument appearing in the first column of the table in Schedule 9 is revoked to the extent set out in the corresponding…

Payment transactions where the transaction amount is not known in advance

— Regulation 78 — Payment transactions where the transaction amount is not known in advance Where a card-based payment transaction is initiated by or through…

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

— Regulation 138 — Prohibition on provision of payment services by persons other than payment service providers A person may not provide a payment service in…

Transitional and saving provisions: general

— Regulation 153 — Transitional and saving provisions: general The FCA must include in the register a person entitled to provide payment services by regulation…

Termination of framework contract

— Regulation 51 — Termination of framework contract The payment service user may terminate the framework contract at any time unless the parties have agreed on…

Consumer Credit Act 1974

— Regulation 1 — Consumer Credit Act 1974 In the Consumer Credit Act 1974 — in section 78 (duty to give information to debtor under running-account credit…

Own funds", "Regulation 10"]

Regulation 10 “Method C” means the calculation method set out in this paragraph. The own funds requirement is the relevant indicator multiplied by— the…

Notification of use of electronic communications exclusion

— Regulation 39 — Notification of use of electronic communications exclusion If a person (“service provider”) provides, or intends to provide, a service for…

Own funds", "Regulation 6"]

Regulation 6 The FCA may make a reasonable charge for making an evaluation required under paragraph 5.

Information for the payee on individual payment transactions

— Regulation 54 — Information for the payee on individual payment transactions The payee's payment service provider under a framework contract must provide to…

Currency and currency conversion

— Regulation 57 — Currency and currency conversion Payment transactions must be executed in the currency agreed between the parties. Where a currency…

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

— Regulation 43 — Information required prior to the conclusion of a single payment service contract A payment service provider must provide or make available…

Information prior to execution of individual payment transaction

— Regulation 52 — Information prior to execution of individual payment transaction Where an individual payment transaction under a framework contract is…

Charges for information

— Regulation 56 — Charges for information A payment service provider may not charge for providing or making available information which is required to be…

Duty to notify changes

— Regulation 20 — Duty to notify changes If at any time after an applicant has provided the FCA with any information under regulation 5(1), (2), or (4)…

Exceptions to regulation 51B(3) in relation to certain public order offences etc.

— Regulation 51D — Exceptions to regulation 51B(3) in relation to certain public order offences etc. Where any of the conditions in paragraph (3) below are…

Non-execution or defective or late execution of payment transactions initiated through a payment initiation service

— Regulation 93 — Non-execution or defective or late execution of payment transactions initiated through a payment initiation service This regulation applies…

["Regulation 18"]

Regulation 18 For the purposes of paragraphs 4, 5, 6 and 12, a description of the audit arrangements of the applicant and of the organisational arrangements…

Limits on the use of payment instruments and access to payment accounts

— Regulation 71 — Limits on the use of payment instruments and access to payment accounts Where a specific payment instrument is used for the purpose of giving…

Supervision of firms exercising passport rights

— Regulation 30 — Supervision of firms exercising passport rights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Application of regulations 27 to 30 to account information service providers

— Regulation 26 — Application of regulations 27 to 30 to account information service providers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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

— Regulation 12 — The Financial Services and Markets Act 2000 (Service of Notices) Regulations 2001 The Financial Services and Markets Act 2000 (Service of…

Record keeping

— Regulation 31 — Record keeping An authorised payment institution or small payment institution must maintain relevant records and keep them for at least five…

Guidance

— Regulation 120 — Guidance The FCA may give guidance consisting of such information and advice as it considers appropriate with respect to— the operation of…

Application of regulations 86 to 88

— Regulation 85 — Application of regulations 86 to 88 Regulations 86 to 88 , except paragraphs (2A) to (2D) of regulation 86, apply to any payment transaction—…

The Upper Tribunal

— Regulation 2 — The Upper Tribunal Part 9 of the 2000 Act (hearings and appeals) applies in respect of references to the Upper Tribunal made under these…

Application and modification of primary and secondary legislation

— Regulation 122 — Application and modification of primary and secondary legislation The provisions of primary and secondary legislation set out in Schedule 6…

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

— Regulation 87 — Absence of payee's payment account with the payment service provider Paragraph (2) applies where a payment service provider accepts funds on…

Misleading the FCA or the Payment Systems Regulator

— Regulation 142 — Misleading the FCA or the Payment Systems Regulator A person may not, in purported compliance with any requirement imposed by or under these…

Activities which do not constitute payment services", "Regulation 4"]

Regulation 4 The activity specified by article 9M of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (issuing qualifying…

Interpretation

— Regulation 3 — Interpretation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Payment transactions to a payment account

— Regulation 86 — Payment transactions to a payment account Subject to paragraphs (2) , (2A) to (2D) and (3), the payer's payment service provider must ensure…

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

— Regulation 13 — Application for registration as a small payment institution or variation of an existing registration An application for registration as a…

Application of this Part in the case of consumer credit agreements

— Regulation 41 — Application of this Part in the case of consumer credit agreements This regulation applies where a payment service is provided in relation to…

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

— Regulation 92 — Non-execution or defective or late execution of payment transactions initiated by the payee This regulation applies where a payment order is…

Decision following notice of intention

— Regulation 28 — Decision following notice of intention . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Exercise of market access rights by Gibraltar-based firms

— Regulation 1 — Exercise of market access rights by Gibraltar-based firms These Regulations apply in relation to a firm which— has its head office in…

Financial Services (Banking Reform) Act 2013

— Regulation 4 — Financial Services (Banking Reform) Act 2013 In section 108 of the Financial Services (Banking Reform) Act 2013 (relationship with Part 8 of…

["Regulation 7"]

Regulation 7 The following information about redress— any contractual clause on— the law applicable to the framework contract; the competent courts; the…

Information required after receipt of the payment order

— Regulation 45 — Information required after receipt of the payment order The payer's payment service provider must, immediately after receipt of the payment…

Prior general information for framework contracts

— Regulation 48 — Prior general information for framework contracts A payment service provider must provide to the payment service user the information…

Own funds", "Regulation 11"]

Regulation 11 Except where this Schedule provides for a different method of recognition, measurement or valuation, whenever a provision in this Schedule refers…

Duty to co-operate and exchange of information

— Regulation 147 — Duty to co-operate and exchange of information The FCA, the Commissioners and the Payment Systems Regulator may take such steps as they…

Proposal to take disciplinary measures

— Regulation 112 — Proposal to take disciplinary measures Where the FCA proposes to publish a statement under regulation 110 or to impose a penalty under…

Right of recourse

— Regulation 95 — Right of recourse Where the liability of a payment service provider (“the first provider”) under regulation 76, 91, 92 or 93 (payment service…

["Regulation 8"]

Regulation 8 A description of the applicant's business continuity arrangements, including a clear identification of the critical operations, effective…

Consent and withdrawal of consent

— Regulation 67 — Consent and withdrawal of consent A payment transaction is to be regarded as having been authorised by the payer for the purposes of this…

Own funds", "Regulation 8"]

Regulation 8 “Method A” means the calculation method set out in this paragraph. The own funds requirement is 10% of the authorised payment institution's fixed…

Insolvency regulations

— Regulation 6 — Insolvency regulations For the purposes of the modifications in this Schedule— “relevant funds” has the meaning given to it in regulation…

Small and Medium Sized Business (Credit Information) Regulations 2015

— Regulation 23 — Small and Medium Sized Business (Credit Information) Regulations 2015 In regulation 17 of the Small and Medium Sized Business (Credit…

["Regulation 15"]

Regulation 15 The identity of the auditors of the applicant, if any.

Application of regulation 103

— Regulation 102 — Application of regulation 103 Regulation 103 does not apply to the following kinds of payment systems— a designated system; a payment system…

Conditions for authorisation as a payment institution

— Regulation 6 — Conditions for authorisation as a payment institution The FCA may refuse to grant all or part of an application for authorisation as a payment…

Directions

— Regulation 125 — Directions The Payment Systems Regulator may give a direction in writing to any regulated person. A direction may be given for the purpose…

["Regulation 4"]

Regulation 4 The following information about communication— the means of communication agreed between the parties for the transmission of information or…

Insolvency regulations

— Regulation 2 — Insolvency regulations Section 233 of the Banking Act 2009 (insolvency regulations) applies as if— references to investment bank insolvency…

Imposition of requirements

— Regulation 7 — Imposition of requirements The FCA may include in an authorisation such requirements as it considers appropriate. A requirement may, in…

Conditions for registration as an account information service provider

— Regulation 18 — Conditions for registration as an account information service provider The FCA may refuse to register an applicant as an account information…

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

— Regulation 65 — Disapplication of certain regulations in the case of low value payment instruments This regulation applies in respect of payment instruments…

Complaints

— Regulation 133 — Complaints The Payment Systems Regulator must maintain arrangements designed to enable persons to submit complaints to it that a qualifying…

Consent for use of personal data

— Regulation 97 — Consent for use of personal data A payment service provider must not access, process or retain any personal data for the provision of payment…

Liability of payment service provider for charges and interest as a consequence of delay under regulation 86(2B)

— Regulation 94A — Liability of payment service provider for charges and interest as a consequence of delay under regulation 86(2B) A payment service provider…

Information gathering and investigations

— Regulation 4 — Information gathering and investigations Part 11 of the 2000 Act (information gathering and investigations) applies with the following…

Restriction on disclosure of information

— Regulation 8 — Restriction on disclosure of information Sections 348 (restrictions on disclosure of confidential information by FCA, PRA etc) , 349…

Own funds", "Regulation 5"]

Regulation 5 A direction made under paragraph 4 must be on the basis of an evaluation of the relevant authorised payment institution including, if available…

Own funds", "Regulation 9"]

Regulation 9 “Method B” means the calculation method set out in this paragraph. The own funds requirement is the sum of the following elements multiplied by…

Application to withdraw or vary prohibition or restriction

— Regulation 5 — Application to withdraw or vary prohibition or restriction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Notice of publication of a compliance failure or of imposition of a penalty

— Regulation 128 — Notice of publication of a compliance failure or of imposition of a penalty Before publishing details of a compliance failure by a regulated…

Financial Services (Distance Marketing) Regulations 2004

— Regulation 10 — Financial Services (Distance Marketing) Regulations 2004 In the Financial Services (Distance Marketing) Regulations 2004 — in regulation…

Cash placed on a payment account

— Regulation 88 — Cash placed on a payment account Where a payment service user places cash on its payment account with a payment service provider in the same…

["Regulation 12"]

Regulation 12 A description of the applicant's structural organisation, including, where applicable, a description of the intended use of agents and branches…

Management of operational and security risks

— Regulation 98 — Management of operational and security risks Each payment service provider must establish a framework with appropriate mitigation measures…

Avoidance of duplication of information

— Regulation 47 — Avoidance of duplication of information Where a payment order for a single payment transaction is transmitted by way of a payment instrument…

Control over payment institutions

— Regulation 5 — Control over payment institutions Part 12 of the 2000 Act (control over authorised persons) applies with the following modifications—…

Duty to notify change in circumstance

— Regulation 37 — Duty to notify change in circumstance Where it becomes apparent to an authorised payment institution , a small payment institution or a…

Publication of compliance failures and penalties

— Regulation 126 — Publication of compliance failures and penalties The Payment Systems Regulator may publish details of— a compliance failure by a regulated…

Restriction on penalties

— Regulation 143 — Restriction on penalties A person who is convicted of an offence under these Regulations is not liable to a penalty under regulation 111 or…

Outsourcing

— Regulation 25 — Outsourcing An authorised payment institution must notify the FCA of its intention to enter into a contract with another person under which…

Technical standards

— Regulation 106A — Technical standards The FCA may make technical standards specifying— requirements that must be met by the strong customer authentication…

["Regulation 10"]

Regulation 10 A statement of the applicant's security policy, including— a detailed risk assessment in relation to the payment services to be provided…

["Regulation 1"]

Regulation 1 The following information about the payment service provider— the name of the payment service provider; the address and contact details of the…

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

— Regulation 8 — Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 In the Financial Services and Markets Act 2000 (Regulated…

Access to payment accounts for payment initiation services

— Regulation 69 — Access to payment accounts for payment initiation services This regulation applies only in relation to a payment account which is accessible…

["Regulation 14"]

Regulation 14 The identity of directors and persons who are or will be responsible for the management of the applicant and, where relevant, persons who are or…

Supplementary provisions

— Regulation 15 — Supplementary provisions Regulations 7 to 12 apply to registration as a small payment institution as they apply to authorisation as a payment…

Force majeure

— Regulation 96 — Force majeure A person is not liable for any contravention of a requirement imposed on it by or under this Part where the contravention is…

Initial capital", "Regulation 1"]

Regulation 1 For the purposes of this Part, “initial capital” comprises one or more of the items specified in Article 26(1)(a) to (e) of the capital…

Single Euro Payments Area

— Regulation 148A — Single Euro Payments Area If the SEPA Regulation is revoked under regulation 15 of the Credit Transfers and Direct Debits in Euro…

Notice of intention from an EEA authorised payment institution

— Regulation 29 — Notice of intention from an EEA authorised payment institution . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Revocation of a payment order

— Regulation 83 — Revocation of a payment order Subject to paragraphs (2) to (5), a payment service user may not revoke a payment order after it has been…

Consumer Rights (Payment Surcharges) Regulations 2012

— Regulation 12 — Consumer Rights (Payment Surcharges) Regulations 2012 The Consumer Rights (Payment Surcharges) Regulations 2012 are amended as follows. In…

["Regulation 3"]

Regulation 3 The following information about charges, interest and exchange rates— details of all charges payable by the payment service user to the payment…

Liability of payment service provider for charges and interest

— Regulation 94 — Liability of payment service provider for charges and interest A payment service provider is liable to its payment service user for— any…

Incoming firms: interventions by the FCA

— Regulation 6 — Incoming firms: interventions by the FCA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Prohibition on restrictive rules on access to payment systems

— Regulation 103 — Prohibition on restrictive rules on access to payment systems Rules or conditions governing access to, or participation in, a payment system…

Information required after the initiation of a payment order

— Regulation 44 — Information required after the initiation of a payment order Where a payment order is initiated through a payment initiation service…

["Regulation 2"]

Regulation 2 A business plan including a forecast budget calculation for the first three financial years which demonstrates that the applicant is able to…

Confirmation of availability of funds for card-based payment transactions

— Regulation 68 — Confirmation of availability of funds for card-based payment transactions This regulation does not apply to payment transactions initiated…

Small and Medium Sized Business (Finance Platforms) Regulations 2015

— Regulation 24 — Small and Medium Sized Business (Finance Platforms) Regulations 2015 In regulation 14 of the Small and Medium Sized Business (Finance…

Limitation on power to require documents

— Regulation 11 — Limitation on power to require documents Section 413 of the 2000 Act (protected items) applies for the purposes of these Regulations as it…

Insolvency regulations

— Regulation 5 — Insolvency regulations Section 236 of the Banking Act 2009 (review) applies as if the reference to investment bank insolvency regulations were…

Own funds", "Regulation 7"]

Regulation 7 If an authorised payment institution has not completed a full financial year's business, references to a figure for the preceding financial year…

Application of Part 6

— Regulation 40 — Application of Part 6 This Part applies to payment services where— the services are provided from an establishment maintained by a payment…

Additional activities

— Regulation 32 — Additional activities Authorised payment institutions and small payment institutions may, in addition to providing payment services, engage…

The register of certain payment service providers

— Regulation 4 — The register of certain payment service providers The FCA must maintain a register of— authorised payment institutions ...; small payment…

FCA rules

— Regulation 3 — FCA rules Section 137A of the 2000 Act (the FCA's general rules) applies as if— references to authorised persons were references to authorised…

["Regulation 5"]

Regulation 5 A description of the applicant's governance arrangements and internal control mechanisms, including administrative risk management and accounting…

Individual Savings Account Regulations 1998

— Regulation 7 — Individual Savings Account Regulations 1998 In regulation 2(1)(b) of the Individual Savings Account Regulations 1998 (interpretation) , in the…

Application of this Part to requirements of assimilated direct legislation and FCA rules

— Regulation 107 — Application of this Part to requirements of assimilated direct legislation and FCA rules For the purposes of this Part, including the…

Appeals: general

— Regulation 130 — Appeals: general A person who is affected by a decision to give a direction under regulation 125 (directions) other than a general direction…

Termination of framework contract entered into on or after 28th April 2026

— Regulation 51B — Termination of framework contract entered into on or after 28th April 2026 Before terminating a framework contract concluded for an…

Enterprise Act 2002

— Regulation 3 — Enterprise Act 2002 In the Enterprise Act 2002 — in Schedule 13 (listed Directives and Regulations), after paragraph 15 insert— In Article 62…

Injunctions

— Regulation 113 — Injunctions If, on the application of the FCA, the court is satisfied— that there is a reasonable likelihood that any person will contravene…

Activities which do not constitute payment services", "Regulation 2"]

Regulation 2 The following do not constitute payment services— payment transactions executed wholly in cash and directly between the payer and the payee…

Variation of authorisation on FCA's own initiative

— Regulation 12 — Variation of authorisation on FCA's own initiative The FCA may vary a person's authorisation in any of the ways mentioned in regulation 8 if…

Notice of prohibition or restriction

— Regulation 4 — Notice of prohibition or restriction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Supplementary provisions

— Regulation 19 — Supplementary provisions Regulations 7 to 12 apply to registration as an account information service provider as they apply to authorisation…

Exceptions to regulation 51B(1) in relation to money laundering and immigration requirements etc.

— Regulation 51C — Exceptions to regulation 51B(1) in relation to money laundering and immigration requirements etc. Regulation 51B(1) (requirement to provide…

Communication of information

— Regulation 55 — Communication of information Subject to regulation 42(2)(c) (disapplication of certain regulations in the case of low-value payment…

Postal Services Act 2011 (Disclosure of Information) Order 2012

— Regulation 13 — Postal Services Act 2011 (Disclosure of Information) Order 2012 In article 4 of the Postal Services Act 2011 (Disclosure of Information)…

Refusal of payment orders

— Regulation 82 — Refusal of payment orders Subject to paragraph (4), where a payment service provider refuses to execute a payment order or to initiate a…

Application of Part 7

— Regulation 63 — Application of Part 7 This Part applies to payment services where— the services are provided from an establishment maintained by a payment…

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

— Regulation 80 — Requests for refunds for payment transactions initiated by or through a payee The payer must request a refund under regulation 79 from its…

Child Trust Funds Regulations 2004

— Regulation 9 — Child Trust Funds Regulations 2004 In regulation 2(1)(c) of the Child Trust Funds Regulations 2004 (interpretation) , in the definition of…

Indirect access to designated systems

— Regulation 104 — Indirect access to designated systems This regulation applies where a participant in a designated system allows an authorised or registered…

Burden of proof on payment service provider

— Regulation 59 — Burden of proof on payment service provider Where a payment service provider is alleged to have failed to provide information in accordance…

["Regulation 11"]

Regulation 11 For an applicant subject to the obligations in relation to money laundering and terrorist financing under the Money Laundering, Terrorist…

Proposal to require restitution

— Regulation 115 — Proposal to require restitution If the FCA proposes to exercise the power under regulation 114(2), it must give the person concerned a…

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

— Regulation 5 — Application for authorisation as a payment institution or variation of an existing authorisation An application for authorisation as a payment…

Guidance

— Regulation 134 — Guidance The Payment Systems Regulator may give guidance consisting of such information and advice as it considers appropriate in relation…

Variation etc. at request of authorised payment institution

— Regulation 8 — Variation etc. at request of authorised payment institution The FCA may, on the application of an authorised payment institution, vary that…

Rehabilitation of Offenders Act 1974 (Exceptions) Order 1975

— Regulation 6 — Rehabilitation of Offenders Act 1974 (Exceptions) Order 1975 In the Rehabilitation of Offenders Act 1974 (Exceptions) Order 1975 — in article…

Payment services", "Regulation 1"]

Regulation 1 Subject to Part 2, the following, when carried out as a regular occupation or business activity, are payment services— services enabling cash to…

Power to restrict the entry into credit agreements and to withdraw or vary a restriction

— Regulation 2 — Power to restrict the entry into credit agreements and to withdraw or vary a restriction…

Initial capital", "Regulation 2"]

Regulation 2 The amount of initial capital referred to in regulations 6(3) (conditions for authorisation) and 22(1)(a) (capital requirements) is the amount…

Warning notices and decision notices

— Regulation 10 — Warning notices and decision notices Part 26 of the 2000 Act (notices) applies with the following modifications— section 388 (decision…

Investment Bank Special Administration Regulations 2011

— Regulation 11 — Investment Bank Special Administration Regulations 2011 In Schedule 6 to the Investment Bank Special Administration Regulations 2011…

Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017

— Regulation 26 — Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 In the Money Laundering, Terrorist…

Insolvency Regulations

— Regulation 23A — Insolvency Regulations Sections 93(4) and 233 to 236 of the Banking Act 2009 apply to authorised payment institutions and small payment…

Application for authorisation or registration if requirements cease to be met

— Regulation 16 — Application for authorisation or registration if requirements cease to be met If a small payment institution no longer meets a condition in…

Information on ATM withdrawal charges

— Regulation 61 — Information on ATM withdrawal charges A provider of cash withdrawal services falling within paragraph 2(o) of Schedule 1 must ensure that a…

Review

— Regulation 158 — Review . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Limits on the use of payment instruments and access to payment accounts

— Regulation 71 — Limits on the use of payment instruments and access to payment accounts (3) would compromise reasonable security measures or is otherwise…

Electronic Money Regulations 2011

— Electronic Money Regulations 2011 — Regulation 5 — Electronic Money Regulations 2011 (118) of the capital requirements regulation, and “Common Equity Tier 1…

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

— Regulation 65 — Disapplication of certain regulations in the case of low value payment instruments (1) (refusal of payment orders), the payment service…

Actions for breach of requirements

— Regulation 148 — Actions for breach of requirements (4) (non-execution or defective or late execution of payment transactions initiated through a payment…

Information for the payer on individual payment transactions

— Regulation 53 — Information for the payer on individual payment transactions (3); or more than one month has passed since information was last provided, but…

Cancellation of authorisation

— Regulation 10 — Cancellation of authorisation (1) (capital requirements) to maintain own funds, or does not inform the FCA of a major change in circumstances…

Application of Part 6

— Regulation 40 — Application of Part 6 (2)(b) and 52(a) and paragraphs 2(e) and 5(g) of Schedule 4 (maximum execution time and conditions for refund of direct…

Information gathering and investigations

— Regulation 4 — Information gathering and investigations (1)— after paragraph (b) there were inserted— a person may have contravened any requirement of or…

Dispute resolution

— Regulation 101 — Dispute resolution (6) must not be later than 35 business days after the day on which the payment service provider received the complaint…

Refunds for payment transactions initiated by or through a payee

— Regulation 79 — Refunds for payment transactions initiated by or through a payee (2)(d) or paragraph 3(b) of Schedule 4 was applied. The payer and payment…

Charges

— Regulation 66 — Charges (2)(b) (incorrect unique identifiers); where agreed between the parties; and where such charges reasonably correspond to the payment…

Citation, commencement and extent

— Regulation 1 — Citation, commencement and extent (5) (application for registration); regulation 15 (small payment institutions: supplementary provision) in…

Confirmation of availability of funds for card-based payment transactions

— Regulation 68 — Confirmation of availability of funds for card-based payment transactions (2) from the requesting payment service provider in relation to the…

Power of FCA to require restitution

— Regulation 114 — Power of FCA to require restitution (1)(a) are attributable; or who has suffered the loss or adverse effect mentioned in paragraph (1)(b).

Control over payment institutions

— Regulation 5 — Control over payment institutions (3)(b) there were substituted— voting power that has been exercised as a result of the acquisition is void…

Accounting and statutory audit

— Regulation 24 — Accounting and statutory audit (1) (capital requirements) to maintain own funds; the auditor reasonably believes that the institution is not…

Removal of agent from register

— Regulation 35 — Removal of agent from register (7)(b) or (c) (use of agents) applies; the removal is desirable in order to protect the interests of…

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

— Regulation 43 — Information required prior to the conclusion of a single payment service contract (1) is— the information or unique identifier that has to be…

Restitution orders

— Regulation 116 — Restitution orders (1)(a) are attributable; or who has suffered the loss or adverse effect mentioned in paragraph (1)(b). On an application…

Duty to co-operate and exchange of information

— Regulation 147 — Duty to co-operate and exchange of information (2) but a person to whom that Part applies must have regard to the considerations mentioned…

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

— Regulation 42 — Disapplication of certain regulations in the case of low-value payment instruments the total amount of the payment transactions and any…

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

— Regulation 92 — Non-execution or defective or late execution of payment transactions initiated by the payee (2) in respect of a non-executed or defectively…

Payer or payee's liability for unauthorised payment transactions

— Regulation 77 — Payer or payee's liability for unauthorised payment transactions (1)(c) (obligations of the payment service provider in relation to payment…

Use of agents

— Regulation 34 — Use of agents . . . . . . . . . . . . . The FCA may refuse to include the agent on the register only if— it has not received the information…

Functions of the FCA

— Regulation 106 — Functions of the FCA or under these Regulations; the desirability in appropriate cases of the FCA publishing information in relation to…

Payment transactions to a payment account

— Regulation 86 — Payment transactions to a payment account (1) to the end of the business day following the time of receipt of the payment order is to be…

Liability of officers of bodies corporate etc

— Regulation 144 — Liability of officers of bodies corporate etc (1) applies in relation to the acts and defaults of a member in connection with such member's…

Consumer Rights (Payment Surcharges) Regulations 2012

— Regulation 12 — Consumer Rights (Payment Surcharges) Regulations 2012 (6) of that Regulation if, in that definition, the reference to any card-based payment…

The register of certain payment service providers

— Regulation 4 — The register of certain payment service providers (1)(d); update the register without delay; and provide a certified copy of the register, or…

Incorrect unique identifiers

— Regulation 90 — Incorrect unique identifiers (2)(a) (information required prior to the conclusion of a single payment service contract) or paragraph 2(b) of…

Changes in contractual information

— Regulation 50 — Changes in contractual information (2) applies, the payment service provider must inform the payment service user that the payment service…

Duty to notify change in circumstance

— Regulation 37 — Duty to notify change in circumstance (7)(b) and (c) (use of agents), it must provide the FCA with details of the change without undue delay…

Access to payment accounts for payment initiation services

— Regulation 69 — Access to payment accounts for payment initiation services payment order, identify itself to the account servicing payment service provider…

Payment service provider's liability for unauthorised payment transactions

— Regulation 76 — Payment service provider's liability for unauthorised payment transactions (2)) the payment initiation service provider must, on the request…

Variation of authorisation on FCA's own initiative

— Regulation 12 — Variation of authorisation on FCA's own initiative (6) states that that is the case; on such date as may be specified in the notice; or if no…

Information and investigation

— Regulation 135 — Information and investigation (6) were omitted; and in section 93 (offences relating to disclosure of confidential information), in…

Safeguarding requirements

— Regulation 23 — Safeguarding requirements (13). An authorised payment institution must keep relevant funds segregated from any other funds that it holds…

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

— Regulation 138 — Prohibition on provision of payment services by persons other than payment service providers (4); the Post Office Limited; the Bank of…

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

— Regulation 91 — Non-execution or defective or late execution of payment transactions initiated by the payer (5)(b) must be no later than the date on which…

Exercise of market access rights by Gibraltar-based firms

— Regulation 1 — Exercise of market access rights by Gibraltar-based firms (7); in Schedule 6 (application and modification of legislation), paragraphs 3 and…

Warning notices and decision notices

— Regulation 10 — Warning notices and decision notices (9) or (10)(b) (including as applied by regulation 15 or 19) of, or paragraph 4 of Schedule 5 to, the…

Financial Services and Markets Act 2000

— Regulation 2 — Financial Services and Markets Act 2000 (8)(b)— for “11” substitute “ 12 ”; for “2009” substitute “ 2017 ”. In Schedule 1A (further provision…

Interpretation

— Regulation 2 — Interpretation (1)(a) (the register of certain payment service providers); or a person included by the FCA in the register pursuant to…

Insolvency

— Regulation 9 — Insolvency (1)(c) were substituted with— “(c) is providing or has provided payment services in contravention of regulation 138 (1) of the…

Transitional and saving provisions: authorised payment institutions

— Regulation 150 — Transitional and saving provisions: authorised payment institutions (1) has its head office and its registered office (if any) in the United…

Determination of application for authorisation or variation of authorisation

— Regulation 9 — Determination of application for authorisation or variation of authorisation or to impose a requirement the applicant may refer the matter to…

Application of Part 7

— Regulation 63 — Application of Part 7 (2) (responsibility for charges), 79 (refunds for direct debits), 80 (requests for direct debit refunds), 84 (amounts…

FCA rules

— Regulation 3 — FCA rules (1) in relation to clients’ money; treat two or more relevant assets as being part of a single asset pool, and make provision for…

Conditions for registration as a small payment institution

— Regulation 14 — Conditions for registration as a small payment institution 20. The monthly average over the period of 12 months preceding the application of…

Activities which do not constitute payment services", "Regulation 2"]

Regulation 2 technical service providers, which support the provision of payment services, without the provider entering at any time into possession of the…

Application of other provisions of the 2013 Act

— Regulation 136 — Application of other provisions of the 2013 Act (4), the reference to general guidance included a reference to general guidance under…

Injunctions

— Regulation 113 — Injunctions information services provider contravened a requirement imposed on it by or under section 312R of the 2000 Act; or been…

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

— Regulation 13 — The Financial Services and Markets Act 2000 (Disclosure of Confidential Information) Regulations 2001 (6)(e) is to be read as if for “an…

Conditions for authorisation as a payment institution

— Regulation 6 — Conditions for authorisation as a payment institution (9) is not met. The application must comply with the requirements of, and any…

Information for the payee on individual payment transactions

— Regulation 54 — Information for the payee on individual payment transactions (1) or in accordance with a condition of the type referred to in paragraph (3).

Limits on the use of payment instruments and access to payment accounts

— Regulation 71 — Limits on the use of payment instruments and access to payment accounts (8)(a) and (b) do not apply if notifying the payment service user—…

Consumer Rights (Payment Surcharges) Regulations 2012

— Regulation 12 — Consumer Rights (Payment Surcharges) Regulations 2012 (2) (orders to secure compliance) and 9(a) (notification of undertakings and orders to…

Electronic Money Regulations 2011

— Electronic Money Regulations 2011 — Regulation 5 — Electronic Money Regulations 2011 services for a subscriber to the network or service, and where the…

Payment transactions to a payment account

— Regulation 86 — Payment transactions to a payment account available in an agreed manner and as soon as possible, and in any event by no later than the end of…

Citation, commencement and extent

— Regulation 1 — Citation, commencement and extent (2) (exemption for municipal banks); for the purposes of enabling the giving of notifications and the making…

FCA rules

— Regulation 3 — FCA rules (3), there were inserted— “Relevant assets” means assets held by a relevant institution to satisfy its obligations to safeguard…

Information gathering and investigations

— Regulation 4 — Information gathering and investigations (4) (additional power of persons appointed as a result of section 168 (1) or (4)) is to be read as if…

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

— Regulation 13 — The Financial Services and Markets Act 2000 (Disclosure of Confidential Information) Regulations 2001 (1) does not permit disclosure to the…

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

— Regulation 138 — Prohibition on provision of payment services by persons other than payment service providers (1)(a) of FSMA (other than a person authorised…

Conditions for authorisation as a payment institution

— Regulation 6 — Conditions for authorisation as a payment institution to provide payment services; it has a business plan (including, for the first three…

Safeguarding requirements

— Regulation 23 — Safeguarding requirements (8), where an authorised payment institution is a participant in a designated system and the institution holds an…

Variation of authorisation on FCA's own initiative

— Regulation 12 — Variation of authorisation on FCA's own initiative (1), reasonably considers that it is necessary for the variation to take effect…

Activities which do not constitute payment services", "Regulation 2"]

Regulation 2 device and charged to the related bill for the purchase of tickets or for donations to organisations which are registered or recognised as…

Interpretation

— Regulation 2 — Interpretation (1) of the Charities Act (Northern Ireland) 2008 (meaning of “charity”) ; “co-badged”, in relation to a payment instrument…

Insolvency

— Regulation 9 — Insolvency (4), the reference to an agreement, in both places it occurs, were to a contract for payment services; (c) in subsections (2) and…

Use of agents

— Regulation 34 — Use of agents (9) within a period of two months beginning on the date on which the FCA received the completed application. If the FCA decides…

Conditions for registration as a small payment institution

— Regulation 14 — Conditions for registration as a small payment institution crimes. Where the applicant is a partnership, an unincorporated association or a…

Conditions for authorisation as a payment institution

— Regulation 6 — Conditions for authorisation as a payment institution not likely to prevent the FCA's effective supervision of the applicant; and if it…

Safeguarding requirements

— Regulation 23 — Safeguarding requirements (6)(a); any relevant assets placed in an account in accordance with paragraph (6)(b); any funds held in an account…

Insolvency

— Regulation 9 — Insolvency (1)(b) the reference to a regulated activity carried on were to payment services being provided; (c) subsection (1A) were omitted…

FCA rules

— Regulation 3 — FCA rules (1) , (1A) or (1B) as they do in relation to other rules made by the FCA under sections 137A, 137B and 137P of the 2000 Act, subject…

Conditions for registration as a small payment institution

— Regulation 14 — Conditions for registration as a small payment institution (9). The applicant's head office, registered office or place of residence, as the…

Variation of authorisation on FCA's own initiative

— Regulation 12 — Variation of authorisation on FCA's own initiative (9) must inform the person of their right to refer the matter to the Upper Tribunal and…

Electronic Money Regulations 2011

— Electronic Money Regulations 2011 — Regulation 5 — Electronic Money Regulations 2011 (1); and in such form or verified in such manner as the Authority may…

Interpretation

— Regulation 2 — Interpretation (1) of the Financial Markets and Insolvency (Settlement Finality) Regulations 1999 (interpretation) ; “digital content” means…

Citation, commencement and extent

— Regulation 1 — Citation, commencement and extent (3), and enabling the FCA to take action in response to such information or notification; regulation 156 in…

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

— Regulation 138 — Prohibition on provision of payment services by persons other than payment service providers (1) of the Electronic Money Regulations 2011…

Safeguarding requirements

— Regulation 23 — Safeguarding requirements (15), where there is an insolvency event (except payment institution special administration)— the claims of payment…

Electronic Money Regulations 2011

— Electronic Money Regulations 2011 — Regulation 5 — Electronic Money Regulations 2011 (1) after sub-paragraph (b) insert— persons who have notified the…

Interpretation

— Regulation 2 — Interpretation does not include information society services, as defined in Article 1 of Directive (EU) 2015/1535 of the European Parliament…

Safeguarding requirements

— Regulation 23 — Safeguarding requirements (6)(b); and any proceeds of an insurance policy or guarantee held in an account in accordance with paragraph…

Interpretation

— Regulation 2 — Interpretation (7) of Directive 2013/34/EU of the European Parliament and of the Council of 26th June 2013 on the annual financial statements…

Electronic Money Regulations 2011

— Electronic Money Regulations 2011 — Regulation 5 — Electronic Money Regulations 2011 (6), after sub-paragraph (d) insert— in the case of an applicant which…

Safeguarding requirements

— Regulation 23 — Safeguarding requirements (1) of the Financial Markets and Insolvency (Settlement Finality) Regulations 1999 (interpretation); “insolvency…

Interpretation

— Regulation 2 — Interpretation (3) of the Annex to Recommendation 2003/361/EC of 6th May 2003 concerning the definition of micro, small and medium-sized…

Electronic Money Regulations 2011

— Electronic Money Regulations 2011 — Regulation 5 — Electronic Money Regulations 2011 (1) (cancellation of authorisation)— in sub-paragraph (e) after “own…

Interpretation

— Regulation 2 — Interpretation (1) of the Financial Markets and Insolvency (Settlement Finality) Regulations 1999 (interpretation) ; ... “payee” means a…

Safeguarding requirements

— Regulation 23 — Safeguarding requirements (1) of the Financial Markets and Insolvency (Settlement Finality) Regulations 1999 (interpretation); “security…

Electronic Money Regulations 2011

— Electronic Money Regulations 2011 — Regulation 5 — Electronic Money Regulations 2011 (8)(e) for “2009” substitute “ 2017 ”. In regulation 15 (supplementary…

Interpretation

— Regulation 2 — Interpretation and of the Council of 25th November 2015 on payment services in the internal market, amending Directives 2002/65/EC…

Electronic Money Regulations 2011

— Electronic Money Regulations 2011 — Regulation 5 — Electronic Money Regulations 2011 (5)— omit “and” after sub-paragraph (b); after sub-paragraph (c) insert—…

Interpretation

— Regulation 2 — Interpretation a payment service user for the purposes of authentication; “qualifying holding” has the meaning given in Article 4 (1) (36) of…

Electronic Money Regulations 2011

— Electronic Money Regulations 2011 — Regulation 5 — Electronic Money Regulations 2011 (3) insert— An authorised electronic money institution must notify the…

Interpretation

— Regulation 2 — Interpretation (1) (transitional provisions); “strong customer authentication” means authentication based on the use of two or more elements…

Electronic Money Regulations 2011

— Electronic Money Regulations 2011 — Regulation 5 — Electronic Money Regulations 2011 (4) substitute— If any of the information provided by an authorised…

Interpretation

— Regulation 2 — Interpretation (1) of the Financial Markets and Insolvency (Settlement Finality) Regulations 1999 (interpretation) ; “unique identifier” means…

Electronic Money Regulations 2011

— Electronic Money Regulations 2011 — Regulation 5 — Electronic Money Regulations 2011 (2)(a)(ii) and, in the case of services to be provided through an EEA…