The Treasury will transpose PSD2 into UK legislation in the Payment Services Regulations (PSRs ) which will replace the Payment Services. Mar. PAR. FCA CP 16/7: The Payment Accounts Regulations (PAR) - . MLD5 sought to bring forward the transposition date to 1 January but the. On 2 February , HM Treasury published a consultation paper on a draft version of the Payment Services Regulations (PSRs 20 I 7). Appendix B contains a draft version of the Payment Services Regulations PSRs 20 I 7 , the statutory instrument that the government will use to implement PSD2 in the UK. Likewise, PSD2 continues to exempt independent ATM operators from authorisation but will require independent ATM operators to be subject to the same transparency requirements for services provided as banks and other PSPs. In order to meet the requirements set out in the PSDII, the UK government needs to make changes to the legislation that sets out the framework for UK payments regulation. Departments and policy How government works Departments Worldwide Policies Publications Announcements. Tailor your perspective of our site by selecting your location and language below. Hours 9am to 5pm, Monday to Friday. For example, store cards, fuel cards and public transport cards would fall within this exemption. The second EU Payment Services Directive PSD2 is required to be in place in the UK by 13 January Further information Copyright and website content Cookies, privacy and data protection Website accessibility Procurement Corporate responsibility Complaints against the PSR. The consultation paper notes that the Financial Conduct Authority FCA will remain the relevant competent authority and produce supervisory procedures for passporting, registration, settlement of disputes and any non-compliance, including precautionary measures. The types of Payment Service Providers PSPs covered in PSD2 include payment, credit and e-money institutions. The directive widens the scope of the first Payment Services Directive PSDwhich came into force monopoly symbolsand aims to increase competition in the payments market, leading to new services and lower costs for payment transactions. This includes those who make use of payment services that are newly being brought within the scope of regulation. Related services Financial Services Regulatory. Follow us Twitter LinkedIn. This includes changes to the rules, guidance and directions that apply to payment service providers and e-money issuers and to other providers of retail banking services. Appendix B contains a draft version of the Payment Services Regulations PSRs 20 I 7the statutory instrument that the government will use to implement PSD2 in the UK.