Business and Other Briefings
HM Treasury: Economic Secretary and City Minister Kitty Ussher has announced that the Financial Services Authority will be the UK regulator for the provision of payment services, established by the Payment Services Directive.
Currently, cross-border competition in payments is hampered by differing national standards and the Directive creates a harmonised legal framework for payment services such as direct debits, card payments, and remittances.
The details of implementing the provisions of the Payment Services Directive into UK law are now being considered, and the Treasury will publish a consultation document on implementation later this year.
