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Payment Services Directive 2

The Payment Services Directive 2 (PSD2) must be transposed into national law by 13 January 2018. The primary aim of the changes from PSD to PSD2 is to provide a framework for Third Party Providers to access customer payment accounts with their consent. The key issues arising on card payments are:

  • References to the Consumer Credit Act
  • Treatment of pre-authorised funds
  • Liability and authentication
  • Surcharging – PSD2 bans surcharging on IFR-regulated products
  • Definition of payment account and accessible online – specifically whether credit cards are accessible for Payment Initiation Services

In February 2017, HMT published a consultation paper on implementing PSD2 in the UK, focusing mainly on applicability and scope. UK Cards submitted a joint response with the BBA, Payments UK and FFA UK on 16 March 2017, available here.

In April 2017, FCA published a more detailed consultation paper to reflect HMT’s proposed regulations. UK Cards, Payments UK and FFA UK have been closely involved in the development of the FCA’s approach in 2016/17 through the PSD2 Stakeholder Liaison Group. UK Cards submitted a joint response with the BBA, Payments UK and FFA UK on 7 June 2017, available here.

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