The law has changed - are you providing Payment Services?

On 13 January 2018, the regulatory perimeter for the provision of payment services in the UK changed.

The change in scope could impact many different business models; but may have relevance to e-commerce platforms and digital marketplaces which may previously have benefited from an exclusion from payment services regulation. Your business model may be impacted by the change in scope, and may therefore now be subject to FCA regulation - including the need to be authorised by the FCA.

Why should I attend?

You may be providing payment services if you are:

  • an online market place,
  • a business bringing sellers and customers together, or
  • a business providing booking services

For example:

Does your firm receive customer money before passing it on to a seller?

This includes receiving money into a bank account in your name.  If so, you may be providing a payment service e.g. the transfer of money between parties (money remittance) or operating a payment account for customers. More information.

Do you do this as a regular occupation or business activity?

This may be the caseeven if the payment services are provided as part of a package with other services. More information.

It is an offence to provide payment services without the correct FCA authorisation or registration.

What will be discussed at the roundtable event?

At the roundtable, we will:

  • clarify the scope of the regulations
  • discuss exclusions from regulation that may be relevant for e-commerce platforms and digital marketplaces
  • explain our authorisation process, and
  • address any questions you may have on what this means for your business.

Other businesses with questions about the Commercial Agent Exclusion are also invited.

Please email at psd2project@fca.org.uk to confirm attendance providing the name or names of your delegates.

In the meantime, more information on the scope of the Payment Services Regulations, and the Commercial Agent Exclusion (see Q.33A) in our Perimeter Guidance Manual, and on our website.

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