Source: The Payments Council
The Payments Council is today pleased to publish industry guidance for the Payment Services Regulations 2009.
The PSRs form the UK legislation for implementing the EU Payment Services Directive in the UK. This new European law has been introduced to enhance competition, transparency and ensure a consistent level of consumer protection for payment services across the EU. For UK customers, it will impact both domestic and cross-border payments, particularly those made into and out of current accounts. The PSRs come fully into force on 1 November 2009 and will be enforced by the Financial Services Authority.
This guidance document "PSRs Industry Best Practice Guidance on Selected Issues" aims to assist payment service providers in their implementation and compliance with the Regulations. Developing guidance has been an iterative process throughout the year involving a wide cross-section of industry practitioners to ensure that activity on compliance could start as early as possible. This final version of the Guidance focuses on specific issues and requirements, where the industry felt that more detailed guidance would be beneficial.
Rosalind Sellers, Payments Council public affairs manager, commented:
"The payments industry has liaised closely with the wider European industry and authorities, both here and in Europe, so that customers can be reassured that all their payment service providers take a consistent and reasonable approach in what the new Payment Services Regulations mean.
"This guidance, for example, provides the industry view on what a 'payment account' under the Regulations means, as well as what information a payment service provider should provide a customer about the payments they make, and covers other key issues. Lots of us as personal customers have been receiving revised copies of terms and conditions for our different payment accounts and this is all to ensure they comply with these new requirements. We've focussed on a number of specific requirements where we could add value with practical guidance."