Payment services regulations in the UK are regulated by the FSA – Financial Services Authority in theUK– who actively promote and maintain the standards as set by the Payment Services Directive (PSD). The UK government appointed the UK FSA to enforce and maintain the standards as set by the PSD.
Payment services regulations explained
The Payment Services Directive (PSD) was enforced in 2009 and this was made possible through the Payment Services Regulations (PSR). The PSR affects all businesses providing a form of payment services to individuals and companies. If your business intends to offer payment services, you must seek authorization from the FSA and 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 applies to e-money issuers, non-bank credit card issuers, building societies, banks, money remitters etc.
It is advised to seek the advice and guidance of experienced consultants when seeking payment services and solutions you should understand the regulations and guidelines of the relevant legislations. By consulting a professional consultancy firm you will be informed about the areas of law you must be compliance within your jurisdiction. Additionally, you can obtain the necessary licensing required to offer specific online or offline payment solutions to your clientele.