Who is regulated under the PSRs?

All firms providing payment services as set out in Schedule 1 to the Payment Services Regulations 2009, (the PSRs) must either be authorised or registered (unless they are credit institutions or e-money issuers or expressly excluded from the PSRs; for example, credit unions). Types of business included are non-bank credit card issuers and money remitters. Authorised or registered firms are known as payment institutions.

Credit institutions (for example, banks and building societies) and e-money issuers are already authorised to carry out payment services as a result of their existing authorisation and do not therefore need to seek further authorisation or registration. They are however required to comply with the conduct of business requirements. We recently consulted on draft guidance for firms who are unsure if their activities fall within the scope of the PSRs in CP08/16: Quarterly Consultation (No.18) (section 8 and Annex 8).

We use the term ‘Perimeter Guidance’ for this type of ... more.

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