On Oct. 9, UK Treasury amended rules re payment services providers.
UK Treasury published regulations which amend provisions of the Payment services regulations 2017 (PSR 2017 (UK)) and which require payment service providers (PSPs) to execute payment transactions within maximum time limits (regulation 86).
Cited as the Payment services (amendment) regulations 2024 (StIn 2024/1013).
Amendments
Give a payer’s PSP the ability to delay the execution of certain payment orders where the PSP establishes reasonable grounds to suspect the order has been made subsequent to fraud or dishonesty perpetrated by a third party (may include payee).
Delay allows PSP to decide whether to execute the order, must not exceed time limit.
When PSP opts to delay, these regs specify how and when the payer must be informed of the delay, as well as liability for resulting charges or interest incurred by the payer.
Effectiveness
The regulations come into force on Oct. 30, 2024.
Regulators
UK Treasury
Entity Types
Bank; BS; CNSM; MSB
Reference
StIn 2024/1013, 10/9/2024; Citation: PSR 2017 (UK); StIn 2024/1013;
