The FCA has updated the following webpages relating to the revised Payment Services Directive (PSD2):

  • passporting under PSD2. On this updated webpage, the FCA explains that the PSD2 and the Payment Services Regulations 2017, which implement PSD2 in the UK, introduce two new activities that may be passported: (i) payment initiation services (PIS); and (ii) account information services (AIS). The FCA’s PSD2 passporting gateway has now opened. UK firms that are planning on providing AIS or PIS activities in another EEA country on or after 13 January 2018 must make a PSD2 passport application. The updated webpage contains links to a number of PSD2 and e-money forms that must be used for passport applications. Firms can only apply to passport once they have been fully authorised to carry on the relevant activity. This means that new AIS and PIS firms will only be able to apply to passport once their new authorisation applications have been processed. Existing UK firms that need to vary their permission to carry out AIS and PIS will only be able to apply to passport once their re-authorisation and variation of permission (VoP) applications have been processed. Applications for re-authorisation and VoP can be made simultaneously. Firms that are not intending to provide PIS or AIS activities in another EEA country on or after 13 January 2018 should continue to make passporting applications through the FCA Connect system. This system will be updated from 2 January 2018 to reflect new requirements under the PSD2 regime;
  • On this updated webpage, the FCA notes that firms that are passporting into the UK under PSD2 or the second Electronic Money Directive will not be displayed on the financial services register, nor will their UK-established agents. It will be necessary to check the register of the relevant firms’ home state regulator to confirm what business the firm can conduct in the UK and to see the list of its agents;
  • how to process passporting notifications. On this updated webpage, the FCA highlights that it takes three months for the FCA to assess a passporting notification and inform the host state regulator. Firms can start business after receiving notice of the FCA’s decision to permit passporting, but if a firm is providing services through a branch or agent they cannot start business until the branch or agent appear in the financial services register; and
  • notify changes to PSD individuals and agents. On this updated webpage, the FCA advises that, under PSD2, it may take up to two months to process an application for adding a standalone UK agent. Firms will receive an email when their application is approved, and the agent will appear on the financial services register within 48 hours. In addition, the process for adding an EEA agent under PSD2 may take the FCA up to three months. Firms will receive an email when their application is approved and the agent will appear on the financial services register at the end of this period.

View Passporting under PSD2, 13 December 2017

View How to process passporting notifications, 13 December 2017

View Notify changes to PSD individuals and agents, 13 December 2017

View Passporting, 13 December 2017