The UK regulator, the Financial Conduct Authority (FCA), published a consultation (CP17/11) on revised guidance and Handbook rule changes for PSD2 on 13 April 2017, together with a draft revised Approach Document. There is a dedicated webpage. The UK Payment Systems Regulator also published a separate draft Approach Document on the aspects of the draft UK implementing regulations, the Payment Services Regulations 2017 (PSRs 2017), for which it is solely responsible. The consultation for both Approach Documents was co-ordinated through the FCA and closed on 8 June 2017.
The FCA published another consultation (CP17/22) on draft authorisation and reporting forms under PSD2 on 13 July 2017. The FCA described this as a 'small follow-up Consultation Paper on authorisation, registration and reporting forms' under PSD2 after the main PSD2 implementation consultation CP17/11. In CP17/22, the FCA consulted on some changes to its Handbook to introduce new reporting and record keeping requirements for PSPs. It also consulted on some registration and authorisation forms to be used by payment institutions and e-money institutions to reflect new authorisation and registration requirements under PSD2. This includes forms for existing payment institutions and e-money institutions who will need to be re-authorised or re-registered under PSD2. The consultation closed on 18 August 2017 and the final forms will be published in September 2017. There is a dedicated webpage.
On 19 September 2017, the FCA published a policy statement (PS17/19) containing final form updates to its Payment Services Approach Document, Handbook and Perimeter Guidance Manual (PERG) to reflect PSD2 and the PSRs 2017. Following industry feedback to its 2016 Call for Input on the existing guidance, responses to its April and July 2017 consultations and publication of the final form PSRs 2017, the FCA's revised Approach Document also:
- combines FCA guidance on payment services and e-money into one document;
- provides clarifications on existing guidance as well as new guidance on dealing with legislative and regulatory changes introduced since publication of the current Approach Document, including UK implementation of the Payment Accounts Directive; and
- takes into account amendments for recent technological and other market developments, such as new technologies and business models.
The changes also cover new directions for those providers whose activities do not constitute regulated payment services business, referred to as excluded services.
In addition, the Payment Systems Regulator (PSR) has published a separate new Approach Document on the aspects of the PSRs 2017 for which it is solely responsible.
Most of the FCA's changes took effect from 13 January 2018.
The FCA application period for those firms which will need to become registered or authorised for the first time as a result of PSD2, as well as existing payment institutions and e-money institutions which will need to be re-registered or re-authorised, began on 13 October 2017.