# The Payment Services Regulations 2009 (revoked) S.I. 2009/209 · made 9 February 2009 · revised to 29 August 2023 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . PDFs: Printed copy https://openlegislation.uk/payment-services-regulations-2009-revoked/pdf/uksi_20090209_en.pdf; Explanatory Memorandum https://openlegislation.uk/payment-services-regulations-2009-revoked/pdf/uksiem_20090209_en.pdf ## Introductory text Financial Services And Markets Made 9th February 2009 Laid before Parliament 9th February 2009 Coming into force in accordance with regulation 1(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## Part 1: INTRODUCTORY PROVISIONS ## 1 Citation and commencement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 2 Interpretation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 3 Exemption for certain bodies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## Part 2: REGISTRATION ### The register ## 4 The register of certain payment service providers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ### Authorisation as a payment institution ## 5 Application for authorisation as a payment institution or variation of an existing authorisation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 6 Conditions for authorisation as a payment institution . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 7 Imposition of requirements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 8 Variation etc at request of authorised payment institution . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 9 Determination of application for authorisation or variation of authorisation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 10 Cancellation of authorisation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 11 Variation of authorisation on Authority’s own initiative . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ### Registration as a small payment institution ## 12 Application for registration as a small payment institution or variation of an existing registration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 13 Conditions for registration as a small payment institution . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 14 Supplementary provisions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 15 Application for authorisation as a payment institution where the financial limit is exceeded . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ### Common provisions ## 16 Duty to notify changes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 17 Authorised payment institutions and small payment institutions acting without permission . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## Part 3: AUTHORISED PAYMENT INSTITUTIONS ## 18 Capital requirements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 19 Safeguarding requirements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 20 Accounting and statutory audit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 21 Outsourcing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 22 Record keeping . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ### Exercise of passport rights ## 23 Notice of intention . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 24 Registration of EEA branch . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 25 Supervision of firms exercising passport rights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 26 Carrying on of Consumer Credit Act business by EEA authorised payment institutions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## Part 4: PROVISIONS APPLICABLE TO AUTHORISED PAYMENT INSTITUTIONS AND SMALL PAYMENT INSTITUTIONS ## 27 Additional activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 28 Payment accounts and sums received for the execution of payment transactions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 29 Use of agents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 30 Removal of agent from register . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 31 Reliance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 32 Duty to notify change in circumstance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## Part 5: INFORMATION REQUIREMENTS FOR PAYMENT SERVICES ### Application ## 33 Application of Part 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 34 Disapplication of certain regulations in the case of consumer credit agreements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 35 Disapplication of certain regulations in the case of low-value payment instruments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ### Single payment service contracts ## 36 Information required prior to the conclusion of a single payment service contract . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 37 Information required after receipt of the payment order . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 38 Information for the payee after execution . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 39 Avoidance of duplication of information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ### Framework contracts ## 40 Prior general information for framework contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 41 Information during period of contract . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 42 Changes in contractual information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 43 Termination of framework contract . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 44 Information prior to execution of individual payment transaction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 45 Information for the payer on individual payment transactions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 46 Information for the payee on individual payment transactions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ### Common provisions ## 47 Communication of information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 48 Charges for information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 49 Currency and currency conversion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 50 Information on additional charges or reductions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## Part 6: RIGHTS AND OBLIGATIONS IN RELATION TO THE PROVISION OF PAYMENT SERVICES ### Application ## 51 Application of Part 6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 52 Disapplication of certain regulations in the case of consumer credit agreements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 53 Disapplication of certain regulations in the case of low value payment instruments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ### Charges ## 54 Charges . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ### Authorisation of payment transactions ## 55 Consent and withdrawal of consent . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 56 Limits on the use of payment instruments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 57 Obligations of the payment service user in relation to payment instruments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 58 Obligations of the payment service provider in relation to payment instruments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 59 Notification of unauthorised or incorrectly executed payment transactions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 60 Evidence on authentication and execution of payment transactions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 61 Payment service provider’s liability for unauthorised payment transactions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 62 Payer’s liability for unauthorised payment transaction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 63 Refunds for payment transactions initiated by or through a payee . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 64 Requests for refunds for payment transactions initiated by or through a payee . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ### Execution of payment transactions ## 65 Receipt of payment orders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 66 Refusal of payment orders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 67 Revocation of a payment order . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 68 Amounts transferred and amounts received . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ### Execution time and value date ## 69 Application of regulations 70 to 72 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 70 Payment transactions to a payment account . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 71 Absence of payee’s payment account with the payment service provider . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 72 Cash placed on a payment account . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 73 Value date and availability of funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ### Liability ## 74 Incorrect unique identifiers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 75 Non-execution or defective execution of payment transactions initiated by the payer . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 76 Non-execution or defective execution of payment transactions initiated by the payee . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 77 Liability of payment service provider for charges and interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 78 Right of recourse . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 79 Force majeure . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## Part 7: THE AUTHORITY ### The functions of the Authority ## 80 Functions of the Authority . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ### Supervision and enforcement ## 81 Monitoring and enforcement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 82 Reporting requirements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 83 Entry, inspection without a warrant etc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 84 Public censure . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 85 Financial penalties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 86 Proposal to take disciplinary measures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 87 Injunctions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 88 Power of Authority to require restitution . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 89 Proposal to require restitution . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 90 Restitution orders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 91 Complaints . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ### Miscellaneous ## 92 Costs of supervision . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 93 Guidance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 94 Authority’s exemption from liability in damages . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 95 Application and modification of primary and secondary legislation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## Part 8: ACCESS TO PAYMENT SYSTEMS ### General ## 96 Application of Part 8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 97 Prohibition on restrictive rules on access to payment systems . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ### Supervision and enforcement ## 98 Power of OFT to investigate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 99 OFT power to require information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 100 Failure to comply with information requirement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 101 Privileged communications . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 102 Notice of OFT decision . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 103 Publication of OFT decision . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 104 Enforcement of decisions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 105 Power of OFT to impose financial penalties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ### Miscellaneous ## 106 Appeal to the Competition Appeal Tribunal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 107 Disclosure of information by OFT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 108 Defamation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 109 Guidance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## Part 9: GENERAL ### Criminal Offences ## 110 Prohibition on provision of payment services by persons other than payment service providers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 111 False claims to be a payment service provider or exempt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 112 Defences . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 113 Contravention of regulations 49 and 50 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 114 Misleading the Authority or the OFT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 115 Restriction on penalties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 116 Liability of officers of bodies corporate etc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 117 Prosecution of offences . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 118 Proceedings against unincorporated bodies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ### Duties of the Authority, the Commissioners and the OFT to cooperate ## 119 Duty to co-operate and exchange of information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ### Actions for breach of requirements ## 120 Right to bring actions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ### Transitional provisions ## 121 Transitional provisions: deemed authorisation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 122 Transitional provisions: requirement to be authorised as a payment institution . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 123 Transitional provisions: requirement to be registered as a small payment institution . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 124 Transitional provisions: early applications . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 125 Transitional provisions: the ombudsman scheme . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ### Amendments to primary and secondary legislation ## 126 Amendments to primary and secondary legislation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## Signature . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## Schedule 1: Payment Services ### Part 1: Payment services ## 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ### Part 2: Activities which do not constitute payment services ## 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## Schedule 2: Information to be included in or with an application for authorisation ## 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 9 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 10 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 11 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 12 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 13 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## Schedule 3: Capital requirements ### Part 1: Initial Capital ## 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ### Part 2: Own Funds ### Qualifying items ## 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ### Deductions from own funds ## 6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ### Limits on qualifying items ## 8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 9 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 10 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ### Own funds requirement ## 11 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ### Adjustment by the Authority ## 12 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 13 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 14 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ### Provision for start-up payment institutions ## 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ### Method A ## 16 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ### Method B ## 17 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ### Method C ## 18 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ### Application of accounting standards ## 19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## Schedule 4: Prior general information for framework contracts ## 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## Schedule 5: Application and modification of legislation ### Part 1: Application and modification of the 2000 Act ## 1 Disciplinary powers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 2 The Tribunal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 3 Information gathering and investigations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 4 Auditors and actuaries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 5 Restriction on disclosure of information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 6 Insolvency . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 7 Warning notices and decision notices . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 8 Limitation on power to require documents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ### Part 2: Application and modification of secondary legislation ## 9 The Financial Services and Markets Act 2000 (Service of Notices) Regulations 2001 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 10 The Financial Services and Markets Act 2000 (Disclosure of Confidential Information) Regulations 2001 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## Schedule 6: Amendments to primary and secondary legislation ### Part 1: Amendments to primary legislation ## 1 The 2000 Act . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ### Part 2: Amendments to secondary legislation ## 2 The Cross Border Credit Transfer Regulations 1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 3 The Consumer Protection (Distance Selling) Regulations 2000 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 4 The Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 5 The Financial Services (Distance Marketing) Regulations 2004 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 6 The Money Laundering Regulations 2007 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## Explanatory note . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . --- Source: https://www.legislation.gov.uk/uksi/2009/209 (the official version) Page: https://openlegislation.uk/payment-services-regulations-2009-revoked Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.