The Financial Conduct Authority has always led its EU counterparts in explaining its approach to regulating payment services, and continues to do so in spite of Brexit.
The FCA had already published its "Approach" document for the new Payment Services Regulations 2017 (incorporating its approach to supervising the Electronic Money Regulations 2011) and has now launched a higher level web page to help navigate the impact and benefits of the new regulations.
This will be of most help to firms offering the new "account information services" and "payment initiation services", as well as retailers operating loyalty programmes that transact over €1 million in any 12 month period starting from 13 January 2018 and various other exclusions.
It is important to consider at the outset, however, whether your firm is offering payment services as a regular occupation or business.
It is important to consider at the outset, however, whether your firm is offering payment services as a regular occupation or business.
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