The revised Payment Services Directive (PSD2) is required to be implemented in the UK by 13 January 2018. The Treasury has transposed PSD2 into UK legislation in the Payment Services Regulations 2017 (PSRs 2017). The FCA will continue as the competent authority responsible for authorising and supervising payment service providers under PSD2. The Payment Systems Regulator will also be responsible for certain aspects which relate to payment systems.

What will happen?
Certain firms will need to become registered or authorised for the first time as a result of PSD2. Existing payment institutions and e-money institutions will need to be re-registered or re-authorised. The FCA was open for applications on 13 October 2017.