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PSD2 in the UK

The revised EU Payment Services Directive II takes effect in the UK on 13 January 2018.
The UK will implement the directive as the Payment Services Regulations 2017.

HMT is consulting on the UK’s approach to implementing PSD2 and drafting regulations which will replace the Payment Services Regulations 2009 (PSRs 2009).  The Government intends that the PSRs 2017 will maintain many of the derogations included in the PSRs 2009.  This will ensure continuity, consistency and a payment services regime that remains (as far as possible) tailored for the UK payments market. But significant market and regulatory developments mean that payment service providers (PSPs) face a vastly different payments landscape to that of eight years ago. PSPs will need to consider carefully how the PSRs 2017 impact their organisation.

The draft regulations are helpful in beginning to frame an understanding of how PSD2 will operate in the UK. But questions remain, particularly around new requirements such as strong customer authentication, the meaning of a third party service and how third parties will obtain access to customer accounts.

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