ECSH24500 - Payment Services Regulations 2017

(PSR2017)require UK based payment service providers to be authorised or registered with the Financial Conduct Authority (FCA). Schedule 1 to the PSR 2017lists the following as recognised “payment services” when carried out as a regular occupation or business activity

  • Services enabling cash to be placed on a payment account and all of the operations required for operating a payment account

  • Services enabling cash withdrawals from a payment account and all of the operations required for operating a payment account

  • The execution of payment transactions, including transfers of funds on a payment account with the user's payment service provider or with another payment service provider

  • The execution of payment transactions where the funds are covered by a credit line for a payment service user

  • Issuing payment instruments or acquiring payment transactions

  • Money remittance

  • Payment initiation services

  • Account information services.

This brings Money Service Businesses (MSBs)who are money transmittersinto scope of the PSR 2017.

More information about PSR 2017can be obtained at the FCA