In this weeks edition of InContact: PSR response to Treasury Committee concerns on UK free-to-use ATMs; Ban on hidden payment fees comes into effect; PSD2 comes into effect and more...
PSR response to Treasury Committee concerns on UK free-to-use ATMs
The PSR has created a new webpage relating to the UK's ATM Network and published a letter dated 15 January 2018 that it has sent to the House of Commons Treasury Committee. The PSR responds to concerns raised by the committee regarding the future of the UK's free-to-use ATM network and expectations of the PSR's role in ensuring the interests of service users are not compromised by any changes to the LINK interchange rate. The PSR has been undertaking a programme of work to provide it with insights into the ATM sector and has commissioned two independent studies:
- Exploratory analysis of the prospects for, and potential impacts of, ATM scheme competition;
- ATM impact study: summary findings
Link will be taking a decision on its interchange fee proposal later in January 2018 and the PSR will continue to engage with LINK and has asked it to carry out further work to offer assurance that consumers' need will be met, if it considers any decision LINK takes is not the interests of ATM service users, it will intervene.
PSR, 17 January 2018
Ban on hidden payment fees comes into effect
A ban on hidden charges for paying with a debit or credit card has come into effect. The move is designed to help consumers avoid fees when spending money. The ban on ‘surcharging’ comes as part of the second Payment Services Directive (PSD2).
The government estimates that surcharging costs UK customers £166m in 2015. From now on it will be unlawful for retailers to charge additional fees when someone uses:
- a particular credit or debit card
- other payment systems like PayPal
HM Treasury, 15 January 2018
FCA updates electronic money and payment institutions webpages to reflect implementation of PSD2
The FCA has updated a number of webpages to reflect the implementation of the revised Directive on payment services in the internal market ((EU) 2015/2366) (PSD2). These include:
- reporting requirements: payment service providers (PSPs) and electronic money issuers (EMIs);
- send financial reports: EMIs, electronic money and payment institutions;
- the PSD2 navigator; and
- excluded services under the PSRs 2017.
FCA, 15 January 2018
PSD2 comes into effect
The revised Payment Services Directive (PSD2) came into effect on 13 January 2018, in a press release the European Commission said it was concerned that many member states had not yet transposed the Directive and called on them to do so as a matter of urgency. The European Commission has also has also published an FAQs document on the Directive.
EC, 12 January 2018
EBA registers list payment and electronic money institutions under PSD2
The European Banking Authority (EBA) has published the national registers of payment and electronic money institutions under the revised Payment Services Directive (PSD2). Each Member State, plus Norway and Liechtenstein, is to list authorised or registered institutions at national level, although currently the registers for 10 countries are not available. The information is updated on a regular basis.
EBA, 15 January 2018
Payment Accounts Directive technical standards published in OJ
The following technical standards required under the Payment Accounts Directive (2014/92/EU) (PAD) were published in the Official Journal of the EU (OJ):
- Commission Delegated Regulation (EU) 2018/32, which contains regulatory technical standards (RTS) for standardised terminology for the most representative services linked to a payment account. The RTS relate to mandates under Article 3(4) of the PAD. The standard terms and definitions for the services linked to a payment account that are common to at least a majority of member states are set out in the Annex to the Delegated Regulation.
- Commission Implementing Regulation (EU) 2018/33, which contains implementing technical standards (ITS) with regard to the standardised presentation format of the statement of fees and its common symbol. The ITS relate to a requirement under the PAD that member states ensure that payment service providers (PSPs) provide the consumer, at least annually and free of charge, with a statement of all fees incurred, as well as, where applicable, information regarding the interest rates for services linked to a payment account.
- Commission Implementing Regulation (EU) 2018/34, which contains ITS with regard to the standardised presentation format of the fee information document and its common symbol. The ITS relate to a requirement under the PAD that member states ensure that PSPs provide the consumer with a fee information document on paper or another durable medium containing the standardised terms in the final list of the most representative services linked to a payment account and, where such services are offered by a PSP, the corresponding fees for each service.
OJ, 11 January 2018
EBA publishes guidelines on PSD2 security measures for operational and security risks
The EBA has published translations of its guidelines on security measures for operational and security risks under PSD2. The guidelines were developed in close cooperation with the European Central Bank and support the objectives of PSD2, including strengthening the integrated payments market in the EU and promoting equal conditions for competition.
EBA, 15 January 2018