ECSH24500 - Payment Services Regulations 2017

Payment Services Regulations 2017 (PSR2017)require UK based payment service providers to be authorised or registered with the Financial Conduct Authority (FCA). Schedule 1 to the PSR 2017 lists the following as recognised “payment services” when carried out as a regular occupation or business activity–  

  • Services enabling cash to be placed on a payment account and all of the operations required for operating a payment account 

  • Services enabling cash withdrawals from a payment account and all of the operations required for operating a payment account 

  • The execution of payment transactions, including transfers of funds on a payment account with the user's payment service provider or with another payment service provider 

  • The execution of payment transactions where the funds are covered by a credit line for a payment service user 

  • Issuing payment instruments or acquiring payment transactions 

  • Money remittance 

  • Payment initiation services 

  • Account information services.  

This brings Money Service Businesses (MSBs) who are money transmitters into scope of these regulations. 

More information about PSR 2017 can be obtained at the FCA website.