ECSH24500 - Payment Services Regulations 2017

Payment Services Regulations 2017 (PSR 2017) 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 the PSR 2017.   

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