UK Government opens consultation on PSD2

Source: HM Treasury

The revised directive on payment services in the internal market, more commonly known as the Payment Services Directive II, or PSDII, was published on 23 December 2015.

The government is required to implement it by 13 January 2018.

The directive widens the scope of the first Payment Services Directive (PSD), which came into force in 2009, and aims to increase competition in the payments market, leading to new services and lower costs for payment transactions. In order to meet the requirements set out in the PSDII, the UK government needs to make changes to the legislation that sets out the framework for UK payments regulation.

This consultation invites views on the legislative changes proposed to meet this obligation.

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