Part A Regulatory Matters, 5 The Regulation of Payment Services

Subject(s):

Bank supervision — Investment business — European Central Bank — UK Financial Conduct Authority (FCA) — UK Financial Services Authority (FSA)

This chapter focuses on the EU's Payment Services Directive. It discusses the implementation of the Payment Services Directive; the meaning of the term ‘payment service’; the authorization requirement for entities that provide payment services; the different types of available authorizations and applicable conditions; ‘conduct of business’ requirements for the protection and information of service users; the rights and obligations of payment institutions and service users; rules on access to payment systems; powers of the UK Financial Conduct Authority (FCA); and the parallel development of the Single Euro Payments Area (SEPA).