Implementation of the revised EU Payment 天美影院 Directive (PSDII)
Read the full outcome
Detail of outcome
The second Payment 天美影院 Directive (PSDII) will apply from 13 January 2018. It is intended to create a more integrated and efficient European payments market, encourage innovation, and protect consumers by making payments safer and more secure.
On 9 February, the government published a consultation document, 鈥�Implementation of the revised EU Payment 天美影院 Directive II鈥�, as well as draft legislation. The consultation invited responses on the government鈥檚 proposed approach to transposing this Directive into UK law. This document summarises the responses submitted to the consultation and outlines the government鈥檚 response. The that transposes PSDII has been laid before Parliament today (19 July 2017).
View and accompanying
Alongside this document, HM Treasury and the Financial Conduct Authority are also publishing a supplementary document, setting out our expectations for the third party access provisions in PSDII.
Original consultation
Consultation description
The revised directive on payment services in the internal market, more commonly known as the Payment 天美影院 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 天美影院 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.
Documents
Updates to this page
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Updated with Implementation of the EU Payment 天美影院 Directive II Impact Assessment
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Added links to Payment 天美影院 Regulations 2017 and accompanying explanatory memorandum.
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Updated with the response to the consultation
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Updated with Draft Impact Assessment on the Implementation of the EU Payment 天美影院 Directive II
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First published.