On 11 February 2016, we blogged that the FCA had published a call for input on its 2009 guidance which assists firms in complying with their legal requirements under the payment services regime.
The FCA has now published Feedback Statement 16/12: Call for Input: the FCA’s approach to the current payment services regime (FS16/12).
In FS16/12, the FCA notes that respondents were broadly happy with the guidance and find it a useful and comprehensive source of information. However, respondents also pointed to a number of areas where the guidance could benefit from further improvement particularly in light of market developments and the growth in payment services.
The FCA states that it will give consideration on where it can add further practical examples in the guidance. It will also update the guidance to address new technologies and business models for providing payment services. It will also look to provide appropriate guidance on the relevant legislation or regulatory initiatives that have happened since the guidance was published. It will also combine the approach documents on payment services and electronic money.
In terms of next steps, the FCA also states that once it has developed its approach to the revised payment services regime, it will issue a consultation on necessary Handbook changes and updated guidance in 2017. The FCA’s aim is to publish final guidance to help payment service providers comply with the revised regime as far as possible in advance of January 2018, when most of the provisions of the recast Payment Services Directive come into effect.
View FCA Feedback Statement on call for input on approach to current payment services regime, 15 November 2016