The Payment Services Directive: A view from the UK regulator

Abstract

This paper outlines the original aims of the Payment Services Directive and how it changed during the process of negotiation. It also looks at the room given for national flexibility as regards implementation in what is nominally a maximum harmonisation directive, the process of UK implementation, the choice of the Financial Services Authority (FSA) as the main competent authority, the interaction of the Payment Services Regulations with other payments legislation and case law, and difficulties in interpretation and how the FSA has approached them through its Approach Document.