Payment Services Regulations due to come into force
The Payment Services Regulations 2009 are due to come into force on 1 November, implementing the EU Payment Services Directive, which creates a new type of firm known as a payment institution or PI that will be regulated by the Financial Services Authority (FSA).
The Regulations will also affect everyday withdrawals and payments made by credit or debit card. Under the Regulations, businesses will have to inform their customers about customer and business rights and responsibilities regarding any payments made.
For more information go to:
http://www.hm-treasury.gov.uk/fin_payment_services_directive.htm
