OpenLegislation

The Payment Services Regulations 2017

S.I. 2017/752 · Made 18 July 2017 · Extends to United Kingdom

Not fully up to date. 2 changes made by later legislation have not yet been written into this text, which is revised to 28 April 2026.

See the changes not yet applied
ProvisionChangeMade by
reg. 14(5)(e)revokedSanctions and Anti-Money Laundering Act 2018 Sch. 3 para. 9
Regulationspower to amend conferredFinancial Services Act 2021 s. 23

Financial Services And Markets

Made 18th July 2017

Laid before Parliament 19th July 2017

Coming into force in accordance with regulation 1

F1The Treasury are a government department designatedM1 for the purposes of section 2(2) of the European Communities Act 1972M2 in relation to financial services.

The Treasury make these Regulations in exercise of the powers conferred on them by section 2(2) of the European Communities Act 1972, sections 22(1) and (5) and 428(3) of, and paragraph 20(4)(d) of Schedule 1ZA and paragraph 15(1) of Schedule 2 to, the Financial Services and Markets Act 2000 M3, section 3 of the Child Trust Funds Act 2004 M4, section 694 of the Income Tax (Trading and Other Income) Act 2005 M5, sections 85(2)(b) and 109(4)(b) of the Financial Services Act 2012 M6 and paragraph 10(4)(b) and (5)(b) of Schedule 4 to the Financial Services (Banking Reform) Act 2013 M7.C1C2

Annotations to the whole text

Textual amendments

F1

Regulations revoked (14.12.2023 for the revocation of reg. 158) by Financial Services and Markets Act 2023 (c. 29), s. 86(3), Sch. 1 Pt. 2 (with s. 1(4)); S.I. 2023/1382, reg. 2(c)(xix)

Marginal citations

M1

S.I. 2012/1759.

M2

1972 c. 68. Section 2(2) was amended by section 27(1)(a) of the Legislative and Regulatory Reform Act 2006 (c. 51) and the European Union (Amendment) Act 2008 (c. 7), Schedule, Part 1. By virtue of the amendment of section 1(2) by section 1 of the European Economic Area Act 1993 (c. 51) legislation may be made under section 2(2) of the European Communities Act to implement obligations of the United Kingdom created or arising by or under the Agreement on the European Economic Area signed at Oporto on 2nd May 1992 (Cm 2073) and the Protocol adjusting the Agreement signed at Brussels on 17th March 1992 (Cm 2183).

M3

2000 c. 8. Section 22(5) provides that “specified” means specified in an order made by the Treasury. Paragraph 25 of Schedule 2 makes provision supplementing section 22. Schedule 1ZA was inserted by section 6 of the Financial Services Act 2012 (c. 21), and paragraph 20 was amended by paragraph 4 of Schedule 10 to the Financial Services (Banking Reform) Act 2013 (c. 33).

M4

2004 c. 5. Section 3 was amended by sections 60 to 62 of the Deregulation Act 2015 (c. 20).

M5

2005 c. 5. Section 694 is supplemented by the remainder of Chapter 3 of Part 6. Section 694 was amended by section 40(2) of the Finance Act 2011 (c. 11), and is applied with modifications by section 151 of the Taxation of Chargeable Gains Act 1992 (c. 12).

M6

2012 c. 21. Section 85(2) was substituted by paragraph 10 of Schedule 2 to the Financial Services (Banking Reform) Act 2013.

M7

2013 c. 33.

Modifications

C1

Regulations modified (20.11.2018) by The Electronic Money, Payment Services and Payment Systems (Amendment and Transitional Provisions) (EU Exit) Regulations 2018 (S.I. 2018/1201), reg. 1(2), Sch. 3 Pt. 2 (with reg. 4)

C2

Regulations: power to modify conferred (11.7.2023) by Financial Services and Markets Act 2023 (c. 29), ss. 3, 86(3), Sch. 1 Pt. 2; S.I. 2023/779, reg. 2(d)

Contents

  1. Part 1: Introductory provisions
  2. 1Citation, commencement and extent
  3. 2Interpretation
  4. 3Exemption for certain bodies
  5. Part 2: Registration
  6. The register
  7. 4The register of certain payment service providers
  8. Authorisation as a payment institution
  9. 5Application for authorisation as a payment institution or variation of an existing authorisation
  10. 6Conditions for authorisation as a payment institution
  11. 7Imposition of requirements
  12. 8Variation etc. at request of authorised payment institution
  13. 9Determination of application for authorisation or variation of authorisation
  14. 10Cancellation of authorisation
  15. 11Request for cancellation of authorisation
  16. 12Variation of authorisation on FCA's own initiative
  17. Registration as a small payment institution
  18. 13Application for registration as a small payment institution or variation of an existing registration
  19. 14Conditions for registration as a small payment institution
  20. 15Supplementary provisions
  21. 16Application for authorisation or registration if requirements cease to be met
  22. Registration as an account information service provider
  23. 17Application for registration as an account information service provider or variation of an existing registration
  24. 18Conditions for registration as an account information service provider
  25. 19Supplementary provisions
  26. Common provisions
  27. 20Duty to notify changes
  28. 21Authorised payment institutions, small payment institutions and registered account information service providers acting without permission
  29. Part 3: Authorised Payment Institutions
  30. 22Capital requirements
  31. 23Safeguarding requirements
  32. 23AInsolvency Regulations
  33. 24Accounting and statutory audit
  34. 25Outsourcing
  35. Exercise of passport rights
  36. 26Application of regulations 27 to 30 to account information service providers Repealed
  37. 27Notice of intention Repealed
  38. 28Decision following notice of intention Repealed
  39. 29Notice of intention from an EEA authorised payment institution Repealed
  40. 30Supervision of firms exercising passport rights Repealed
  41. Part 4: Provisions Applicable to Authorised Payment Institutions and Small Payment Institutions
  42. 31Record keeping
  43. 32Additional activities
  44. 33Payment accounts and sums received for the execution of payment transactions
  45. 34Use of agents
  46. 35Removal of agent from register
  47. 36Reliance
  48. 37Duty to notify change in circumstance
  49. Part 5: Requirements for providers of certain services which are not payment services
  50. 38Notification of use of limited network exclusion
  51. 39Notification of use of electronic communications exclusion
  52. Part 6: Information Requirements for Payment Services
  53. Application
  54. 40Application of Part 6
  55. 41Application of this Part in the case of consumer credit agreements
  56. 42Disapplication of certain regulations in the case of low-value payment instruments
  57. Single payment service contracts
  58. 43Information required prior to the conclusion of a single payment service contract
  59. 44Information required after the initiation of a payment order
  60. 45Information required after receipt of the payment order
  61. 46Information for the payee after execution
  62. 47Avoidance of duplication of information
  63. Framework contracts
  64. 48Prior general information for framework contracts
  65. 49Information during period of contract
  66. 50Changes in contractual information
  67. 51Termination of framework contract
  68. 51ATermination of framework contract entered into before 28th April 2026
  69. 51BTermination of framework contract entered into on or after 28th April 2026
  70. 51CExceptions to regulation 51B(1) in relation to money laundering and immigration requirements etc.
  71. 51DExceptions to regulation 51B(3) in relation to certain public order offences etc.
  72. 52Information prior to execution of individual payment transaction
  73. 53Information for the payer on individual payment transactions
  74. 54Information for the payee on individual payment transactions
  75. Common provisions
  76. 55Communication of information
  77. 56Charges for information
  78. 57Currency and currency conversion
  79. 58Information on additional charges or reductions
  80. 59Burden of proof on payment service provider
  81. Other information requirements
  82. 60Information requirements for account information service providers
  83. 61Information on ATM withdrawal charges
  84. 62Provision of information leaflet
  85. Part 7: Rights and Obligations in Relation to the Provision of Payment Services
  86. Application
  87. 63Application of Part 7
  88. 64Application of this Part in the case of consumer credit agreements
  89. 65Disapplication of certain regulations in the case of low value payment instruments
  90. Charges
  91. 66Charges
  92. Authorisation of payment transactions
  93. 67Consent and withdrawal of consent
  94. 68Confirmation of availability of funds for card-based payment transactions
  95. 69Access to payment accounts for payment initiation services
  96. 70Access to payment accounts for account information services
  97. 71Limits on the use of payment instruments and access to payment accounts
  98. 72Obligations of the payment service user in relation to payment instruments and personalised security credentials
  99. 73Obligations of the payment service provider in relation to payment instruments
  100. 74Notification and rectification of unauthorised or incorrectly executed payment transactions
  101. 75Evidence on authentication and execution of payment transactions
  102. 76Payment service provider's liability for unauthorised payment transactions
  103. 77Payer or payee's liability for unauthorised payment transactions
  104. 78Payment transactions where the transaction amount is not known in advance
  105. 79Refunds for payment transactions initiated by or through a payee
  106. 80Requests for refunds for payment transactions initiated by or through a payee
  107. Execution of payment transactions
  108. 81Receipt of payment orders
  109. 82Refusal of payment orders
  110. 83Revocation of a payment order
  111. 84Amounts transferred and amounts received
  112. Execution time and value date
  113. 85Application of regulations 86 to 88
  114. 86Payment transactions to a payment account
  115. 87Absence of payee's payment account with the payment service provider
  116. 88Cash placed on a payment account
  117. 89Value date and availability of funds
  118. Liability
  119. 90Incorrect unique identifiers
  120. 91Non-execution or defective or late execution of payment transactions initiated by the payer
  121. 92Non-execution or defective or late execution of payment transactions initiated by the payee
  122. 93Non-execution or defective or late execution of payment transactions initiated through a payment initiation service
  123. 94Liability of payment service provider for charges and interest
  124. 94ALiability of payment service provider for charges and interest as a consequence of delay under regulation 86(2B)
  125. 95Right of recourse
  126. 96Force majeure
  127. Miscellaneous
  128. 97Consent for use of personal data
  129. 98Management of operational and security risks
  130. 99Incident reporting
  131. 100Authentication
  132. 101Dispute resolution
  133. Part 8: Access to payment systems and bank accounts
  134. 102Application of regulation 103
  135. 103Prohibition on restrictive rules on access to payment systems
  136. 104Indirect access to designated systems
  137. 105Access to bank accounts
  138. Part 9: The Financial Conduct Authority
  139. 106Functions of the FCA
  140. 106ATechnical standards
  141. 107Application of this Part to requirements of assimilated direct legislation and FCA rules
  142. Supervision and enforcement
  143. 108Monitoring and enforcement
  144. 109Reporting requirements
  145. 110Public censure
  146. 111Financial penalties
  147. 112Proposal to take disciplinary measures
  148. 113Injunctions
  149. 114Power of FCA to require restitution
  150. 115Proposal to require restitution
  151. 116Restitution orders
  152. 117Complaints
  153. Miscellaneous
  154. 118Costs of supervision
  155. 119Credit agreements Repealed
  156. 120Guidance
  157. 121FCA's exemption from liability in damages
  158. 122Application and modification of primary and secondary legislation
  159. Part 10: The Payment Systems Regulator
  160. 123Interpretation of Part 10
  161. 124Functions of the Payment Systems Regulator
  162. 125Directions
  163. 126Publication of compliance failures and penalties
  164. 127Penalties
  165. 128Notice of publication of a compliance failure or of imposition of a penalty
  166. 129Injunctions
  167. 130Appeals: general
  168. 131Appeals against directions and publication of compliance failures
  169. 132Appeals in relation to penalties
  170. 133Complaints
  171. 134Guidance
  172. 135Information and investigation
  173. 136Application of other provisions of the 2013 Act
  174. Part 11: General
  175. Contracting out of statutory requirements
  176. 137Prohibition on contracting out of statutory requirement
  177. Criminal Offences
  178. 138Prohibition on provision of payment services by persons other than payment service providers
  179. 139False claims to be a payment service provider or exempt
  180. 140Defences
  181. 141Contravention of regulations 57 and 58
  182. 142Misleading the FCA or the Payment Systems Regulator
  183. 143Restriction on penalties
  184. 144Liability of officers of bodies corporate etc
  185. 145Prosecution of offences
  186. 146Proceedings against unincorporated bodies
  187. Miscellaneous
  188. 147Duty to co-operate and exchange of information
  189. 148Actions for breach of requirements
  190. 148ASingle Euro Payments Area
  191. Transitional and saving provisions
  192. 149Saving of Payment Services Regulations 2009
  193. 150Transitional and saving provisions: authorised payment institutions
  194. 151Transitional and saving provisions: small payment institutions
  195. 152Transitional provisions: payments through network operators
  196. 153Transitional and saving provisions: general
  197. 154Transitional provisions: account information services and payment initiation services
  198. Gibraltar
  199. 155Application to Gibraltar
  200. Amendments to legislation
  201. 156Amendments to primary and secondary legislation
  202. 157Revocations
  203. Review
  204. 158Review Repealed
  205. Signature
  206. Schedule 1: Payment Services
  207. Part 1: Payment services
  208. 1Paragraph 1
  209. Part 2: Activities which do not constitute payment services
  210. 2Paragraph 2
  211. 3Paragraph 3
  212. 4Paragraph 4
  213. Schedule 2: Information to be included in or with an application for authorisation
  214. 1Paragraph 1
  215. 2Paragraph 2
  216. 3Paragraph 3
  217. 4Paragraph 4
  218. 5Paragraph 5
  219. 6Paragraph 6
  220. 7Paragraph 7
  221. 8Paragraph 8
  222. 9Paragraph 9
  223. 10Paragraph 10
  224. 11Paragraph 11
  225. 12Paragraph 12
  226. 13Paragraph 13
  227. 14Paragraph 14
  228. 15Paragraph 15
  229. 16Paragraph 16
  230. 17Paragraph 17
  231. 18Paragraph 18
  232. 19Paragraph 19
  233. Schedule 3: Capital requirements
  234. Part 1: Initial capital
  235. 1Paragraph 1
  236. 2Paragraph 2
  237. Part 2: Own funds
  238. Own funds requirement
  239. 3Paragraph 3
  240. Adjustment by the FCA
  241. 4Paragraph 4
  242. 5Paragraph 5
  243. 6Paragraph 6
  244. Provision for start-up payment institutions
  245. 7Paragraph 7
  246. Method A
  247. 8Paragraph 8
  248. Method B
  249. 9Paragraph 9
  250. Method C
  251. 10Paragraph 10
  252. Application of accounting standards
  253. 11Paragraph 11
  254. Schedule 3A: Application and modification of the Banking Act 2009
  255. 1Insolvency regulations
  256. 2Insolvency regulations
  257. 3Insolvency regulations
  258. 4Insolvency regulations
  259. 5Insolvency regulations
  260. 6Insolvency regulations
  261. Schedule 4: Prior general information for framework contracts
  262. 1Paragraph 1
  263. 2Paragraph 2
  264. 3Paragraph 3
  265. 4Paragraph 4
  266. 5Paragraph 5
  267. 6Paragraph 6
  268. 7Paragraph 7
  269. Schedule 5: Credit agreements Repealed
  270. Part 1: Prohibitions and restrictions Repealed
  271. 1Power to prohibit the entry into credit agreements Repealed
  272. 2Power to restrict the entry into credit agreements and to withdraw or vary a restriction Repealed
  273. Part 2: Procedure and appeals Repealed
  274. 3Interpretation Repealed
  275. 4Notice of prohibition or restriction Repealed
  276. 5Application to withdraw or vary prohibition or restriction Repealed
  277. 6Notice to the home state competent authority Repealed
  278. Schedule 6: Application and modification of legislation
  279. Part 1: Application and modification of the 2000 Act
  280. 1Disciplinary powers
  281. 2The Upper Tribunal
  282. 3FCA rules
  283. 4Information gathering and investigations
  284. 5Control over payment institutions
  285. 6Incoming firms: interventions by the FCA Repealed
  286. 7Auditors and actuaries
  287. 8Restriction on disclosure of information
  288. 9Insolvency
  289. 10Warning notices and decision notices
  290. 11Limitation on power to require documents
  291. Part 2: Application and modification of secondary legislation
  292. 12The Financial Services and Markets Act 2000 (Service of Notices) Regulations 2001
  293. 13The Financial Services and Markets Act 2000 (Disclosure of Confidential Information) Regulations 2001
  294. Schedule 7: Gibraltar
  295. 1Exercise of market access rights by Gibraltar-based firms
  296. 2Exercise by authorised payment institutions of market access rights in Gibraltar
  297. 2AReferences to Gibraltar regulator
  298. 3Modification of legislation Repealed
  299. Schedule 8: Amendments to legislation
  300. Part 1: Amendments to primary legislation
  301. 1Consumer Credit Act 1974
  302. 2Financial Services and Markets Act 2000
  303. 3Enterprise Act 2002
  304. 4Financial Services (Banking Reform) Act 2013
  305. Part 2: Amendments to the Electronic Money Regulations 2011
  306. 5Electronic Money Regulations 2011
  307. Part 3: Amendments to other secondary legislation
  308. 6Rehabilitation of Offenders Act 1974 (Exceptions) Order 1975
  309. 7Individual Savings Account Regulations 1998
  310. 8Financial Services and Markets Act 2000 (Regulated Activities) Order 2001
  311. 9Child Trust Funds Regulations 2004
  312. 10Financial Services (Distance Marketing) Regulations 2004
  313. 11Investment Bank Special Administration Regulations 2011
  314. 12Consumer Rights (Payment Surcharges) Regulations 2012
  315. 13Postal Services Act 2011 (Disclosure of Information) Order 2012
  316. 14Payments in Euro (Credit Transfers and Direct Debits) Regulations 2012
  317. 15Payment to Treasury of Penalties (Enforcement Costs) Order 2013
  318. 16Financial Services Act 2012 (Relevant Functions in relation to Complaints Scheme) Order 2014
  319. 17Communications Act 2003 (Disclosure of Information) Order 2014
  320. 18Financial Services and Markets Act 2000 (Excluded Activities and Prohibitions) Order 2014
  321. 19Public Interest Disclosure (Prescribed Persons) Order 2014
  322. 20Enterprise Act 2002 (Part 8 EU Infringements) Order 2014
  323. 21Payment to Treasury of Penalties (Enforcement Costs of the Payment Systems Regulator) Order 2015
  324. 22Mortgage Credit Directive Order 2015
  325. 23Small and Medium Sized Business (Credit Information) Regulations 2015
  326. 24Small and Medium Sized Business (Finance Platforms) Regulations 2015
  327. 25Payment Accounts Regulations 2015
  328. 26Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017
  329. Schedule 9Revocations
  330. Explanatory note