UK Payment Services Regulations

United Kingdom

2017

Consumer Protection

Overview

The UK Payment Services Regulations 2017 (PSRs) implement PSD2 requirements into UK law, establishing a robust framework for payment service providers. These regulations mandate transparency, security, and consumer protection, applying to banks, fintechs, payment institutions, and other regulated entities. Compliance requires regulatory expectations across bordersdigital onboarding solutions that integrate regulatory requirements seamlessly.

The regulations apply to banks, building societies, fintechs, payment institutions, e-money firms, and other regulated entities offering payment services. They cover areas such as licensing, conduct of business, open banking, customer rights, and dispute resolution.

Key Obligations

Obtain authorization or registration from the FCA to provide payment services
Ensure transparency in fees, exchange rates, and transaction terms
Comply with strong customer authentication (SCA) and security protocols

Provide timely execution and settlement of payment transactions
Facilitate user access to data via open banking APIs
Handle complaints within regulatory timelines and offer redress

FAQ

Related Regulations

PSD2 Payment Services Directive

FCA Consumer Duty Regulation

EFTA Reg E Payment Regulation

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