
2009 No. 209
Financial Services And Markets
The Payment Services Regulations 2009 (revoked)
Made 9th February 2009
Laid before Parliament 9th February 2009
Coming into force in accordance with regulation 1(2)
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PART 1 INTRODUCTORY PROVISIONS
Citation and commencement
1 
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Interpretation
2 
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Exemption for certain bodies
3 
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PART 2 REGISTRATION
The register
The register of certain payment service providers
4 
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Authorisation as a payment institution
Application for authorisation as a payment institution or variation of an existing authorisation
5 
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Conditions for authorisation as a payment institution
6 
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Imposition of requirements
7 
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Variation etc at request of authorised payment institution
8 
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Determination of application for authorisation or variation of authorisation
9 
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Cancellation of authorisation
10 
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Variation of authorisation on Authority’s own initiative
11 
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Registration as a small payment institution
Application for registration as a small payment institution or variation of an existing registration
12 
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Conditions for registration as a small payment institution
13 
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Supplementary provisions
14 
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Application for authorisation as a payment institution where the financial limit is exceeded
15 
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Common provisions
Duty to notify changes
16 
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Authorised payment institutions and small payment institutions acting without permission
17 
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PART 3 AUTHORISED PAYMENT INSTITUTIONS
Capital requirements
18 
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Safeguarding requirements
19 
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Accounting and statutory audit
20 
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Outsourcing
21 
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Record keeping
22 
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Exercise of passport rights
Notice of intention
23 
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Registration of EEA branch
24 
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Supervision of firms exercising passport rights
25 
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Carrying on of Consumer Credit Act business by EEA authorised payment institutions
26 
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PART 4 PROVISIONS APPLICABLE TO AUTHORISED PAYMENT INSTITUTIONS AND SMALL PAYMENT INSTITUTIONS
Additional activities
27 
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Payment accounts and sums received for the execution of payment transactions
28 
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Use of agents
29 
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Removal of agent from register
30 
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Reliance
31 
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Duty to notify change in circumstance
32 
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PART 5 INFORMATION REQUIREMENTS FOR PAYMENT SERVICES
Application
Application of Part 5
33 
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Disapplication of certain regulations in the case of consumer credit agreements
34 
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Disapplication of certain regulations in the case of low-value payment instruments
35 
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Single payment service contracts
Information required prior to the conclusion of a single payment service contract
36 
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Information required after receipt of the payment order
37 
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Information for the payee after execution
38 
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Avoidance of duplication of information
39 
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Framework contracts
Prior general information for framework contracts
40 
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Information during period of contract
41 
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Changes in contractual information
42 
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Termination of framework contract
43 
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Information prior to execution of individual payment transaction
44 
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Information for the payer on individual payment transactions
45 
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Information for the payee on individual payment transactions
46 
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Common provisions
Communication of information
47 
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Charges for information
48 
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Currency and currency conversion
49 
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Information on additional charges or reductions
50 
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PART 6 RIGHTS AND OBLIGATIONS IN RELATION TO THE PROVISION OF PAYMENT SERVICES
Application
Application of Part 6
51 
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Disapplication of certain regulations in the case of consumer credit agreements
52 
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Disapplication of certain regulations in the case of low value payment instruments
53 
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Charges
Charges
54 
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Authorisation of payment transactions
Consent and withdrawal of consent
55 
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Limits on the use of payment instruments
56 
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Obligations of the payment service user in relation to payment instruments
57 
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Obligations of the payment service provider in relation to payment instruments
58 
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Notification of unauthorised or incorrectly executed payment transactions
59 
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Evidence on authentication and execution of payment transactions
60 
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Payment service provider’s liability for unauthorised payment transactions
61 
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Payer’s liability for unauthorised payment transaction
62 
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Refunds for payment transactions initiated by or through a payee
63 
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Requests for refunds for payment transactions initiated by or through a payee
64 
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Execution of payment transactions
Receipt of payment orders
65 
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Refusal of payment orders
66 
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Revocation of a payment order
67 
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Amounts transferred and amounts received
68 
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Execution time and value date
Application of regulations 70 to 72
69 
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Payment transactions to a payment account
70 
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Absence of payee’s payment account with the payment service provider
71 
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Cash placed on a payment account
72 
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Value date and availability of funds
73 
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Liability
Incorrect unique identifiers
74 
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Non-execution or defective execution of payment transactions initiated by the payer
75 
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Non-execution or defective execution of payment transactions initiated by the payee
76 
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Liability of payment service provider for charges and interest
77 
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Right of recourse
78 
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Force majeure
79 
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PART 7 THE AUTHORITY
The functions of the Authority
Functions of the Authority
80 
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Supervision and enforcement
Monitoring and enforcement
81 
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Reporting requirements
82 
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Entry, inspection without a warrant etc
83 
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Public censure
84 
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Financial penalties
85 
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Proposal to take disciplinary measures
86 
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Injunctions
87 
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Power of Authority to require restitution
88 
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Proposal to require restitution
89 
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Restitution orders
90 
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Complaints
91 
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Miscellaneous
Costs of supervision
92 
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Guidance
93 
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Authority’s exemption from liability in damages
94 
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Application and modification of primary and secondary legislation
95 
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PART 8 ACCESS TO PAYMENT SYSTEMS
General
Application of Part 8
96 
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Prohibition on restrictive rules on access to payment systems
97 
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Supervision and enforcement
Power of OFT to investigate
98 
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OFT power to require information
99 
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Failure to comply with information requirement
100 
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Privileged communications
101 
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Notice of OFT decision
102 
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Publication of OFT decision
103 
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Enforcement of decisions
104 
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Power of OFT to impose financial penalties
105 
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Miscellaneous
Appeal to the Competition Appeal Tribunal
106 
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Disclosure of information by OFT
107 
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Defamation
108 
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Guidance
109 
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PART 9 GENERAL
Criminal Offences
Prohibition on provision of payment services by persons other than payment service providers
110 
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False claims to be a payment service provider or exempt
111 
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Defences
112 
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Contravention of regulations 49 and 50
113 
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Misleading the Authority or the OFT
114 
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Restriction on penalties
115 
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Liability of officers of bodies corporate etc
116 
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Prosecution of offences
117 
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Proceedings against unincorporated bodies
118 
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Duties of the Authority, the Commissioners and the OFT to cooperate
Duty to co-operate and exchange of information
119 
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Actions for breach of requirements
Right to bring actions
120 
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Transitional provisions
Transitional provisions: deemed authorisation
121 
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Transitional provisions: requirement to be authorised as a payment institution
122 
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Transitional provisions: requirement to be registered as a small payment institution
123 
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Transitional provisions: early applications
124 
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Transitional provisions: the ombudsman scheme
125 
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Amendments to primary and secondary legislation
Amendments to primary and secondary legislation
126 
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SCHEDULE 1
Payment Services
Regulation 2(1)
PART 1 Payment services
1 
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PART 2 Activities which do not constitute payment services
2 
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SCHEDULE 2
Information to be included in or with an application for authorisation
Regulation 5(1)
1 
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2 
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3 
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4 
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5 
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6 
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7 
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8 
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9 
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10 
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11 
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12 
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13 
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SCHEDULE 3
Capital requirements
Regulations 6(3), 18
PART 1 Initial Capital
1 
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2 
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PART 2 Own Funds
Qualifying items
3 
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4 
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5 
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Deductions from own funds
6 
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7 
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Limits on qualifying items
8 
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9 
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10 
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Own funds requirement
11 
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Adjustment by the Authority
12 
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13 
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14 
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Provision for start-up payment institutions
15 
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Method A
16 
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Method B
17 
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Method C
18 
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Application of accounting standards
19 
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SCHEDULE 4
Prior general information for framework contracts
Regulations 36(2), 40(1)
1 
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2 
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3 
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4 
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5 
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6 
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7 
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SCHEDULE 5
Application and modification of legislation
Regulation 95
PART 1 Application and modification of the 2000 Act
Disciplinary powers
1 
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The Tribunal
2 
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Information gathering and investigations
3 
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Auditors and actuaries
4 
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Restriction on disclosure of information
5 
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Insolvency
6 
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Warning notices and decision notices
7 
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Limitation on power to require documents
8 
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
PART 2 Application and modification of secondary legislation
The Financial Services and Markets Act 2000 (Service of Notices) Regulations 2001
9 
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
The Financial Services and Markets Act 2000 (Disclosure of Confidential Information) Regulations 2001
10 
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
SCHEDULE 6
Amendments to primary and secondary legislation
Regulation 126
PART 1 Amendments to primary legislation
The 2000 Act
1 
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
PART 2 Amendments to secondary legislation
The Cross Border Credit Transfer Regulations 1999
2 
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
The Consumer Protection (Distance Selling) Regulations 2000
3 
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
The Financial Services and Markets Act 2000 (Regulated Activities) Order 2001
4 
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
The Financial Services (Distance Marketing) Regulations 2004
5 
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
The Money Laundering Regulations 2007
6 
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .