Primary text ↗Verified
Dates
2018-01-13 source text changed
In force from
Key provisions
5 in the graphThe article’s own text, quoted verbatim from the primary source below — a citable fact, not a summary. No plain-English explanation is shown: writing one would be legal analysis nobody sourced (docs/RULES.md R1). That register is reserved should sourced explanations be added later, and will never share this card’s styling.
Schedule 1, Part 1, paragraph 1 (Payment services)
prov:uk-psr2017-sch1-pt1
ARTICLE TEXT — VERBATIM, TIER B
Subject to Part 2, the following, when carried out as a regular occupation or business activity, are payment services source
PLAIN-ENGLISH EXPLANATION
Not built — see docs/RULES.md R1. This register is reserved for a future, separately sourced and cited explanation; it will never be filled with unsourced prose.
Grants (in the graph) Place cash on a payment account, Cash withdrawal from a payment account, Execute payment transactions (direct debits, card payments, credit transfers), Execute payment transactions funded by a credit line, Money remittance, Payment initiation services, Account information services
Schedule 3, Part 1, paragraph 2 (Amount of initial capital)
prov:uk-psr2017-sch3-pt1-para2
ARTICLE TEXT — VERBATIM, TIER B
The amount of initial capital referred to in regulations 6(3) (conditions for authorisation) and 22(1)(a) (capital requirements) is the amount specified in the second column of the table, corresponding to the payment services provided or to be provided as specified in the first column. source
PLAIN-ENGLISH EXPLANATION
Not built — see docs/RULES.md R1. This register is reserved for a future, separately sourced and cited explanation; it will never be filled with unsourced prose.
Backs requirement minimumCapital
Regulation 9(1)–(2) (Determination of application for authorisation)
prov:uk-psr2017-reg9
ARTICLE TEXT — VERBATIM, TIER B
The FCA must determine an application for authorisation or the variation of an authorisation before the end of the period of three months beginning with the date on which it received the completed application. source
PLAIN-ENGLISH EXPLANATION
Not built — see docs/RULES.md R1. This register is reserved for a future, separately sourced and cited explanation; it will never be filled with unsourced prose.
Regulation 23(1), (3) and (5) (Safeguarding requirements)
prov:uk-psr2017-reg23
ARTICLE TEXT — VERBATIM, TIER B
An authorised payment institution must keep relevant funds segregated from any other funds that it holds. source
PLAIN-ENGLISH EXPLANATION
Not built — see docs/RULES.md R1. This register is reserved for a future, separately sourced and cited explanation; it will never be filled with unsourced prose.
Backs requirement safeguardingRequired
Regulation 34(1), (11) and (16) (Use of agents)
prov:uk-psr2017-reg34
ARTICLE TEXT — VERBATIM, TIER B
Authorised payment institutions, small payment institutions and registered account information service providers may not provide payment services in the United Kingdom through an agent unless the agent is included on the register. source
PLAIN-ENGLISH EXPLANATION
Not built — see docs/RULES.md R1. This register is reserved for a future, separately sourced and cited explanation; it will never be filled with unsourced prose.
National regimes implementing it
3 regimesOne statute, implemented differently by each regime below — the same directive granting different activities, client types and capital figures market by market.
WhereAuthorityRegimeCapital · transitionFirms
GBFinancial Conduct AuthorityAuthorised Payment Institution / UK / PSR 2017Money remittance, Payment initiation services +7EUR 125,000 source3–12 months source0
GBFinancial Conduct AuthoritySmall Payment Institution / UK / PSR 2017Place cash on a payment account, Cash withdrawal from a payment account +4no datano data0
GBFinancial Conduct AuthorityRegistered Account Information Service Provider / UK / PSR 2017Account information servicesno datano data0
Sources
Schedule 1, Part 1, paragraph 1 (Payment services)The Payment Services Regulations 2017 (SI 2017/752)https://www.legislation.gov.uk/uksi/2017/752/schedule/1
Schedule 3, Part 1, paragraph 2 (Amount of initial capital)The Payment Services Regulations 2017 (SI 2017/752)https://www.legislation.gov.uk/uksi/2017/752/schedule/3
Regulation 9(1)–(2) (Determination of application for authorisation)The Payment Services Regulations 2017 (SI 2017/752)https://www.legislation.gov.uk/uksi/2017/752/regulation/9
Regulation 23(1), (3) and (5) (Safeguarding requirements)The Payment Services Regulations 2017 (SI 2017/752)https://www.legislation.gov.uk/uksi/2017/752/regulation/23
Regulation 34(1), (11) and (16) (Use of agents)The Payment Services Regulations 2017 (SI 2017/752)https://www.legislation.gov.uk/uksi/2017/752/regulation/34
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