The FCA has published Consultation Paper 17/22: Revised Payment Services Directive implementation: draft authorisation and reporting forms (CP17/22).

In CP17/22 the FCA is consulting on some changes to the FCA Handbook to introduce new reporting and record keeping requirements for payment service providers (PSPs). It is also consulting on some registration and authorisation forms to be used by payment institutions and e-money institutions to reflect new authorisation and registration requirements under the revised Payment Services Directive (PSD2). This includes forms for existing payment institutions and e-money institutions who will need to be re-authorised or re-registered under the PSD2.

Specifically the FCA proposes to:

  • direct that PSPs follow the European Banking Authority’s guidelines on major incidents reporting under PSD2 to notify the FCA of major operational or security incidents;
  • update the capital returns for authorised payment institutions (PIs) and e-money issuers (EMIs) to reflect new PSD2 requirements around how own funds can be met;
  • make rules requiring records to be kept by banks and building societies on their account information services and payment initiation services business;
  • specify the forms to be used by: (i) businesses seeking registration as a small PI or small EMIs; (ii) existing small PIs and small EMIs seeking re-registration in accordance with PSD2; (iii) existing authorised PIs and authorised EMIs seeking re-authorisation in accordance with PSD2; (iv) PIs and EMIs wishing to change the regulatory permissions they hold or to remove a requirement; (v) make certain amendments to its Approach Document on payment services and electronic money.

The deadline for comments on CP17/22 is 18 August 2017.

The FCA will consider feedback on authorisation and registration forms and make the final forms available in September 2017, before opening for applications in October 2017.

The FCA will also finalise its reporting and record keeping rules, directions and guidance and publish a Policy Statement in Q3 2017.

View CP17/22: Revised Payment Services Directive implementation: draft authorisation and reporting forms, 13 July 2017