On 19 March 2026, the Financial Conduct Authority (FCA) published its approach document (version 7) on payment services and electronic money. The approach document describes the FCA’s approach to implementing the Payment Services Regulations 2017 and the Electronic Money Regulations 2011, and is aimed at businesses that are, or are seeking to become:

  • authorised payment institutions or small payment institutions (collectively – PIs);
  • authorised e-money institutions or small e-money institutions (collectively – EMIs;
  • registered account information service providers (RAISPs); and
  • credit institutions, which must comply with parts of the PSRs 2017 and EMRs when carrying on payment services and e-money business.

The approach document amends version 6, from November 2024 of the FCA’s approach. This version includes updated guidance on exemptions from strong customer authentication, including the contactless payments exemption in Chapter 20.