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Statutory Instruments

2009 No. 209

Financial Services And Markets

The Payment Services Regulations 2009

Made

9th February 2009

Laid before Parliament

9th February 2009

Coming into force in accordance with regulation 1(2)

Contents

Go to Preamble

  1. PART 1

    INTRODUCTORY PROVISIONS

    1. 1. Citation and commencement

    2. 2. Interpretation

    3. 3. Exemption for certain bodies

  2. PART 2

    REGISTRATION

    1. The register

      1. 4. The register of certain payment service providers

    2. Authorisation as a payment institution

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

      2. 6. Conditions for authorisation as a payment institution

      3. 7. Imposition of requirements

      4. 8. Variation etc at request of authorised payment institution

      5. 9. Determination of application for authorisation or variation of authorisation

      6. 10. Cancellation of authorisation

      7. 11. Variation of authorisation on Authority’s own initiative

    3. Registration as a small payment institution

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

      2. 13. Conditions for registration as a small payment institution

      3. 14. Supplementary provisions

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

    4. Common provisions

      1. 16. Duty to notify changes

      2. 17. Authorised payment institutions and small payment institutions acting without permission

  3. PART 3

    AUTHORISED PAYMENT INSTITUTIONS

    1. 18. Capital requirements

    2. 19. Safeguarding requirements

    3. 20. Accounting and statutory audit

    4. 21. Outsourcing

    5. 22. Record keeping

    6. Exercise of passport rights

      1. 23. Notice of intention

      2. 24. Registration of EEA branch

      3. 25. Supervision of firms exercising passport rights

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

  4. PART 4

    PROVISIONS APPLICABLE TO AUTHORISED PAYMENT INSTITUTIONS AND SMALL PAYMENT INSTITUTIONS

    1. 27. Additional activities

    2. 28. Payment accounts and sums received for the execution of payment transactions

    3. 29. Use of agents

    4. 30. Removal of agent from register

    5. 31. Reliance

    6. 32. Duty to notify change in circumstance

  5. PART 5

    INFORMATION REQUIREMENTS FOR PAYMENT SERVICES

    1. Application

      1. 33. Application of Part 5

      2. 34. Disapplication of certain regulations in the case of consumer credit agreements

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

    2. Single payment service contracts

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

      2. 37. Information required after receipt of the payment order

      3. 38. Information for the payee after execution

      4. 39. Avoidance of duplication of information

    3. Framework contracts

      1. 40. Prior general information for framework contracts

      2. 41. Information during period of contract

      3. 42. Changes in contractual information

      4. 43. Termination of framework contract

      5. 44. Information prior to execution of individual payment transaction

      6. 45. Information for the payer on individual payment transactions

      7. 46. Information for the payee on individual payment transactions

    4. Common provisions

      1. 47. Communication of information

      2. 48. Charges for information

      3. 49. Currency and currency conversion

      4. 50. Information on additional charges or reductions

  6. PART 6

    RIGHTS AND OBLIGATIONS IN RELATION TO THE PROVISION OF PAYMENT SERVICES

    1. Application

      1. 51. Application of Part 6

      2. 52. Disapplication of certain regulations in the case of consumer credit agreements

      3. 53. Disapplication of certain regulations in the case of low value payment instruments

    2. Charges

      1. 54. Charges

    3. Authorisation of payment transactions

      1. 55. Consent and withdrawal of consent

      2. 56. Limits on the use of payment instruments

      3. 57. Obligations of the payment service user in relation to payment instruments

      4. 58. Obligations of the payment service provider in relation to payment instruments

      5. 59. Notification of unauthorised or incorrectly executed payment transactions

      6. 60. Evidence on authentication and execution of payment transactions

      7. 61. Payment service provider’s liability for unauthorised payment transactions

      8. 62. Payer’s liability for unauthorised payment transaction

      9. 63. Refunds for payment transactions initiated by or through a payee

      10. 64. Requests for refunds for payment transactions initiated by or through a payee

    4. Execution of payment transactions

      1. 65. Receipt of payment orders

      2. 66. Refusal of payment orders

      3. 67. Revocation of a payment order

      4. 68. Amounts transferred and amounts received

    5. Execution time and value date

      1. 69. Application of regulations 70 to 72

      2. 70. Payment transactions to a payment account

      3. 71. Absence of payee’s payment account with the payment service provider

      4. 72. Cash placed on a payment account

      5. 73. Value date and availability of funds

    6. Liability

      1. 74. Incorrect unique identifiers

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

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

      4. 77. Liability of payment service provider for charges and interest

      5. 78. Right of recourse

      6. 79. Force majeure

  7. PART 7

    THE AUTHORITY

    1. The functions of the Authority

      1. 80. Functions of the Authority

    2. Supervision and enforcement

      1. 81. Monitoring and enforcement

      2. 82. Reporting requirements

      3. 83. Entry, inspection without a warrant etc

      4. 84. Public censure

      5. 85. Financial penalties

      6. 86. Proposal to take disciplinary measures

      7. 87. Injunctions

      8. 88. Power of Authority to require restitution

      9. 89. Proposal to require restitution

      10. 90. Restitution orders

      11. 91. Complaints

    3. Miscellaneous

      1. 92. Costs of supervision

      2. 93. Guidance

      3. 94. Authority’s exemption from liability in damages

      4. 95. Application and modification of primary and secondary legislation

  8. PART 8

    ACCESS TO PAYMENT SYSTEMS

    1. General

      1. 96. Application of Part 8

      2. 97. Prohibition on restrictive rules on access to payment systems

    2. Supervision and enforcement

      1. 98. Power of OFT to investigate

      2. 99. OFT power to require information

      3. 100. Failure to comply with information requirement

      4. 101. Privileged communications

      5. 102. Notice of OFT decision

      6. 103. Publication of OFT decision

      7. 104. Enforcement of decisions

      8. 105. Power of OFT to impose financial penalties

    3. Miscellaneous

      1. 106. Appeal to the Competition Appeal Tribunal

      2. 107. Disclosure of information by OFT

      3. 108. Defamation

      4. 109. Guidance

  9. PART 9

    GENERAL

    1. Criminal Offences

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

      2. 111. False claims to be a payment service provider or exempt

      3. 112. Defences

      4. 113. Contravention of regulations 49 and 50

      5. 114. Misleading the Authority or the OFT

      6. 115. Restriction on penalties

      7. 116. Liability of officers of bodies corporate etc

      8. 117. Prosecution of offences

      9. 118. Proceedings against unincorporated bodies

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

      1. 119. Duty to co-operate and exchange of information

    3. Actions for breach of requirements

      1. 120. Right to bring actions

    4. Transitional provisions

      1. 121. Transitional provisions: deemed authorisation

      2. 122. Transitional provisions: requirement to be authorised as a payment institution

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

      4. 124. Transitional provisions: early applications

      5. 125. Transitional provisions: the ombudsman scheme

    5. Amendments to primary and secondary legislation

      1. 126. Amendments to primary and secondary legislation

    1. SCHEDULE 1

      Payment Services

      1. PART 1

        Payment services

      2. PART 2

        Activities which do not constitute payment services

    2. SCHEDULE 2

      Information to be included in or with an application for authorisation

    3. SCHEDULE 3

      Capital requirements

      1. PART 1

        Initial Capital

      2. PART 2

        Own Funds

    4. SCHEDULE 4

      Prior general information for framework contracts

    5. SCHEDULE 5

      Application and modification of legislation

      1. PART 1

        Application and modification of the 2000 Act

      2. PART 2

        Application and modification of secondary legislation

    6. SCHEDULE 6

      Amendments to primary and secondary legislation

      1. PART 1

        Amendments to primary legislation

      2. PART 2

        Amendments to secondary legislation

Go to Explanatory Note

The Treasury are a government department designated(1) for the purposes of section 2(2) of the European Communities Act 1972(2) in relation to payment services and measures relating to payment systems;

The Treasury, in exercise of the powers conferred by section 2(2) of the European Communities Act 1972, make the following Regulations:

(1)

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). Back [1]

(2)

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/EC was extended to the EEA by Decision No. 114/2008 of the EEA Joint Committee of 7th November 2008, OJ No. L 339, 18.12.2008, p.103. Back [2]

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