UK payment services regulations
Payment services regulations in the UK are regulated by the FSA – Financial Services Authority in the UK – who actively promote and maintain the standards as set by the Payment Services Directive (PSD). It is advised that when seeking payment services and solutions you should understand the regulations and guidelines of the relevant legislations. By consulting a professional consultancy firm they will be equipped to inform you on the areas of law you must be in compliance with.
To view the payment solutions DeltaQuest can assist you with, view our Merchant Services section.
Payment services regulations explained
The UK government appointed the UK FSA to enforce and maintain the standards as set by the PSD or Payment Services Directive as it is more formally known. It was only in 2009 that the PSD was enforced and this was possible through the Payment Services Regulations 2009.
The PSR affect all businesses proving a form of payment services. If your business intends to offer payment services you must seek authorization from the FSA and you must act in compliance with the Payment Services regulations 2009.
Businesses seeking to obtain a payment services solution and who are concerned about how to be compliance with the Payment Services regulations act 2009, an online learning program is available for companies to use in order to educate themselves on the PSR requirements.
The Payment Services Regulations act 2009 will apply for; e-money issuers, non-bank credit card issuers, building societies, banks, money remitters etc.
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