LegalizeThe 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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