OpenLegislation

The Payment Services Regulations 2009 (revoked)

S.I. 2009/209 · Made 9 February 2009 · Extends to United Kingdom

Up to date with all changes known to legislation.gov.uk, revised to 29 August 2023.

Financial Services And Markets

Made 9th February 2009

Laid before Parliament 9th February 2009

Coming into force in accordance with regulation 1(2)

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

Annotations to the whole text

Textual amendments

F1

Regulations revoked (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(3), Sch. 1 Pt. 2 (with s. 1(4)); S.I. 2023/779, reg. 3(b), Sch.

[Editorial note: No historical revised versions have been created for amendments to this S.I. made prior to its final revocation. A revised version of how the S.I. stood at its first commencement is available and, to see the document content as it originally stood when it was made, select the 'Original (As Made)' version from the left-hand menu. For further details of the amendments see the List of All Changes available in 'More Resources' above]

Contents

  1. Part 1: INTRODUCTORY PROVISIONS Repealed
  2. 1Citation and commencement Repealed
  3. 2Interpretation Repealed
  4. 3Exemption for certain bodies Repealed
  5. Part 2: REGISTRATION Repealed
  6. The register Repealed
  7. 4The register of certain payment service providers Repealed
  8. Authorisation as a payment institution Repealed
  9. 5Application for authorisation as a payment institution or variation of an existing authorisation Repealed
  10. 6Conditions for authorisation as a payment institution Repealed
  11. 7Imposition of requirements Repealed
  12. 8Variation etc at request of authorised payment institution Repealed
  13. 9Determination of application for authorisation or variation of authorisation Repealed
  14. 10Cancellation of authorisation Repealed
  15. 11Variation of authorisation on Authority’s own initiative Repealed
  16. Registration as a small payment institution Repealed
  17. 12Application for registration as a small payment institution or variation of an existing registration Repealed
  18. 13Conditions for registration as a small payment institution Repealed
  19. 14Supplementary provisions Repealed
  20. 15Application for authorisation as a payment institution where the financial limit is exceeded Repealed
  21. Common provisions Repealed
  22. 16Duty to notify changes Repealed
  23. 17Authorised payment institutions and small payment institutions acting without permission Repealed
  24. Part 3: AUTHORISED PAYMENT INSTITUTIONS Repealed
  25. 18Capital requirements Repealed
  26. 19Safeguarding requirements Repealed
  27. 20Accounting and statutory audit Repealed
  28. 21Outsourcing Repealed
  29. 22Record keeping Repealed
  30. Exercise of passport rights Repealed
  31. 23Notice of intention Repealed
  32. 24Registration of EEA branch Repealed
  33. 25Supervision of firms exercising passport rights Repealed
  34. 26Carrying on of Consumer Credit Act business by EEA authorised payment institutions Repealed
  35. Part 4: PROVISIONS APPLICABLE TO AUTHORISED PAYMENT INSTITUTIONS AND SMALL PAYMENT INSTITUTIONS Repealed
  36. 27Additional activities Repealed
  37. 28Payment accounts and sums received for the execution of payment transactions Repealed
  38. 29Use of agents Repealed
  39. 30Removal of agent from register Repealed
  40. 31Reliance Repealed
  41. 32Duty to notify change in circumstance Repealed
  42. Part 5: INFORMATION REQUIREMENTS FOR PAYMENT SERVICES Repealed
  43. Application Repealed
  44. 33Application of Part 5 Repealed
  45. 34Disapplication of certain regulations in the case of consumer credit agreements Repealed
  46. 35Disapplication of certain regulations in the case of low-value payment instruments Repealed
  47. Single payment service contracts Repealed
  48. 36Information required prior to the conclusion of a single payment service contract Repealed
  49. 37Information required after receipt of the payment order Repealed
  50. 38Information for the payee after execution Repealed
  51. 39Avoidance of duplication of information Repealed
  52. Framework contracts Repealed
  53. 40Prior general information for framework contracts Repealed
  54. 41Information during period of contract Repealed
  55. 42Changes in contractual information Repealed
  56. 43Termination of framework contract Repealed
  57. 44Information prior to execution of individual payment transaction Repealed
  58. 45Information for the payer on individual payment transactions Repealed
  59. 46Information for the payee on individual payment transactions Repealed
  60. Common provisions Repealed
  61. 47Communication of information Repealed
  62. 48Charges for information Repealed
  63. 49Currency and currency conversion Repealed
  64. 50Information on additional charges or reductions Repealed
  65. Part 6: RIGHTS AND OBLIGATIONS IN RELATION TO THE PROVISION OF PAYMENT SERVICES Repealed
  66. Application Repealed
  67. 51Application of Part 6 Repealed
  68. 52Disapplication of certain regulations in the case of consumer credit agreements Repealed
  69. 53Disapplication of certain regulations in the case of low value payment instruments Repealed
  70. Charges Repealed
  71. 54Charges Repealed
  72. Authorisation of payment transactions Repealed
  73. 55Consent and withdrawal of consent Repealed
  74. 56Limits on the use of payment instruments Repealed
  75. 57Obligations of the payment service user in relation to payment instruments Repealed
  76. 58Obligations of the payment service provider in relation to payment instruments Repealed
  77. 59Notification of unauthorised or incorrectly executed payment transactions Repealed
  78. 60Evidence on authentication and execution of payment transactions Repealed
  79. 61Payment service provider’s liability for unauthorised payment transactions Repealed
  80. 62Payer’s liability for unauthorised payment transaction Repealed
  81. 63Refunds for payment transactions initiated by or through a payee Repealed
  82. 64Requests for refunds for payment transactions initiated by or through a payee Repealed
  83. Execution of payment transactions Repealed
  84. 65Receipt of payment orders Repealed
  85. 66Refusal of payment orders Repealed
  86. 67Revocation of a payment order Repealed
  87. 68Amounts transferred and amounts received Repealed
  88. Execution time and value date Repealed
  89. 69Application of regulations 70 to 72 Repealed
  90. 70Payment transactions to a payment account Repealed
  91. 71Absence of payee’s payment account with the payment service provider Repealed
  92. 72Cash placed on a payment account Repealed
  93. 73Value date and availability of funds Repealed
  94. Liability Repealed
  95. 74Incorrect unique identifiers Repealed
  96. 75Non-execution or defective execution of payment transactions initiated by the payer Repealed
  97. 76Non-execution or defective execution of payment transactions initiated by the payee Repealed
  98. 77Liability of payment service provider for charges and interest Repealed
  99. 78Right of recourse Repealed
  100. 79Force majeure Repealed
  101. Part 7: THE AUTHORITY Repealed
  102. The functions of the Authority Repealed
  103. 80Functions of the Authority Repealed
  104. Supervision and enforcement Repealed
  105. 81Monitoring and enforcement Repealed
  106. 82Reporting requirements Repealed
  107. 83Entry, inspection without a warrant etc Repealed
  108. 84Public censure Repealed
  109. 85Financial penalties Repealed
  110. 86Proposal to take disciplinary measures Repealed
  111. 87Injunctions Repealed
  112. 88Power of Authority to require restitution Repealed
  113. 89Proposal to require restitution Repealed
  114. 90Restitution orders Repealed
  115. 91Complaints Repealed
  116. Miscellaneous Repealed
  117. 92Costs of supervision Repealed
  118. 93Guidance Repealed
  119. 94Authority’s exemption from liability in damages Repealed
  120. 95Application and modification of primary and secondary legislation Repealed
  121. Part 8: ACCESS TO PAYMENT SYSTEMS Repealed
  122. General Repealed
  123. 96Application of Part 8 Repealed
  124. 97Prohibition on restrictive rules on access to payment systems Repealed
  125. Supervision and enforcement Repealed
  126. 98Power of OFT to investigate Repealed
  127. 99OFT power to require information Repealed
  128. 100Failure to comply with information requirement Repealed
  129. 101Privileged communications Repealed
  130. 102Notice of OFT decision Repealed
  131. 103Publication of OFT decision Repealed
  132. 104Enforcement of decisions Repealed
  133. 105Power of OFT to impose financial penalties Repealed
  134. Miscellaneous Repealed
  135. 106Appeal to the Competition Appeal Tribunal Repealed
  136. 107Disclosure of information by OFT Repealed
  137. 108Defamation Repealed
  138. 109Guidance Repealed
  139. Part 9: GENERAL Repealed
  140. Criminal Offences Repealed
  141. 110Prohibition on provision of payment services by persons other than payment service providers Repealed
  142. 111False claims to be a payment service provider or exempt Repealed
  143. 112Defences Repealed
  144. 113Contravention of regulations 49 and 50 Repealed
  145. 114Misleading the Authority or the OFT Repealed
  146. 115Restriction on penalties Repealed
  147. 116Liability of officers of bodies corporate etc Repealed
  148. 117Prosecution of offences Repealed
  149. 118Proceedings against unincorporated bodies Repealed
  150. Duties of the Authority, the Commissioners and the OFT to cooperate Repealed
  151. 119Duty to co-operate and exchange of information Repealed
  152. Actions for breach of requirements Repealed
  153. 120Right to bring actions Repealed
  154. Transitional provisions Repealed
  155. 121Transitional provisions: deemed authorisation Repealed
  156. 122Transitional provisions: requirement to be authorised as a payment institution Repealed
  157. 123Transitional provisions: requirement to be registered as a small payment institution Repealed
  158. 124Transitional provisions: early applications Repealed
  159. 125Transitional provisions: the ombudsman scheme Repealed
  160. Amendments to primary and secondary legislation Repealed
  161. 126Amendments to primary and secondary legislation Repealed
  162. Signature
  163. Schedule 1: Payment Services Repealed
  164. Part 1: Payment services Repealed
  165. 1Paragraph 1 Repealed
  166. Part 2: Activities which do not constitute payment services Repealed
  167. 2Paragraph 2 Repealed
  168. Schedule 2: Information to be included in or with an application for authorisation Repealed
  169. 1Paragraph 1 Repealed
  170. 2Paragraph 2 Repealed
  171. 3Paragraph 3 Repealed
  172. 4Paragraph 4 Repealed
  173. 5Paragraph 5 Repealed
  174. 6Paragraph 6 Repealed
  175. 7Paragraph 7 Repealed
  176. 8Paragraph 8 Repealed
  177. 9Paragraph 9 Repealed
  178. 10Paragraph 10 Repealed
  179. 11Paragraph 11 Repealed
  180. 12Paragraph 12 Repealed
  181. 13Paragraph 13 Repealed
  182. Schedule 3: Capital requirements Repealed
  183. Part 1: Initial Capital Repealed
  184. 1Paragraph 1 Repealed
  185. 2Paragraph 2 Repealed
  186. Part 2: Own Funds Repealed
  187. Qualifying items Repealed
  188. 3Paragraph 3 Repealed
  189. 4Paragraph 4 Repealed
  190. 5Paragraph 5 Repealed
  191. Deductions from own funds Repealed
  192. 6Paragraph 6 Repealed
  193. 7Paragraph 7 Repealed
  194. Limits on qualifying items Repealed
  195. 8Paragraph 8 Repealed
  196. 9Paragraph 9 Repealed
  197. 10Paragraph 10 Repealed
  198. Own funds requirement Repealed
  199. 11Paragraph 11 Repealed
  200. Adjustment by the Authority Repealed
  201. 12Paragraph 12 Repealed
  202. 13Paragraph 13 Repealed
  203. 14Paragraph 14 Repealed
  204. Provision for start-up payment institutions Repealed
  205. 15Paragraph 15 Repealed
  206. Method A Repealed
  207. 16Paragraph 16 Repealed
  208. Method B Repealed
  209. 17Paragraph 17 Repealed
  210. Method C Repealed
  211. 18Paragraph 18 Repealed
  212. Application of accounting standards Repealed
  213. 19Paragraph 19 Repealed
  214. Schedule 4: Prior general information for framework contracts Repealed
  215. 1Paragraph 1 Repealed
  216. 2Paragraph 2 Repealed
  217. 3Paragraph 3 Repealed
  218. 4Paragraph 4 Repealed
  219. 5Paragraph 5 Repealed
  220. 6Paragraph 6 Repealed
  221. 7Paragraph 7 Repealed
  222. Schedule 5: Application and modification of legislation Repealed
  223. Part 1: Application and modification of the 2000 Act Repealed
  224. 1Disciplinary powers Repealed
  225. 2The Tribunal Repealed
  226. 3Information gathering and investigations Repealed
  227. 4Auditors and actuaries Repealed
  228. 5Restriction on disclosure of information Repealed
  229. 6Insolvency Repealed
  230. 7Warning notices and decision notices Repealed
  231. 8Limitation on power to require documents Repealed
  232. Part 2: Application and modification of secondary legislation Repealed
  233. 9The Financial Services and Markets Act 2000 (Service of Notices) Regulations 2001 Repealed
  234. 10The Financial Services and Markets Act 2000 (Disclosure of Confidential Information) Regulations 2001 Repealed
  235. Schedule 6: Amendments to primary and secondary legislation Repealed
  236. Part 1: Amendments to primary legislation Repealed
  237. 1The 2000 Act Repealed
  238. Part 2: Amendments to secondary legislation Repealed
  239. 2The Cross Border Credit Transfer Regulations 1999 Repealed
  240. 3The Consumer Protection (Distance Selling) Regulations 2000 Repealed
  241. 4The Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 Repealed
  242. 5The Financial Services (Distance Marketing) Regulations 2004 Repealed
  243. 6The Money Laundering Regulations 2007 Repealed
  244. Explanatory note