On 13 January 2023, HM Treasury (HMT) published a Review and Call for Evidence on the Payment Services Regulations 2017 (PSRs). This document fulfills its statutory obligation to review the PSRs and sets out its conclusions.
Here at Compliancy Services, given the experience of our Managing Directors – Payment Services, James Borley and John Burns in negotiating and implementing the Payment Services and E-Money Directives we thought it was important to provide our input into the review.
The Call for Evidence (which has now closed) can be found here Payment_Services_Regulations_Review_and_Call_for_Evidence.pdf (publishing.service.gov.uk) and covers the whole gamut of payments legislation.
In drafting our response, we have attempted to reflect on our experience and that of our clients regarding the operation of the current legislation and how it could be improved while reflecting the government’s aims, as set out in the Call for Evidence. We found it an enlightening experience thinking through the options and how the legislation could be made to work better both for firms and payment service users. We hope that you find the response an interesting read.