Related provisions for SUP 15.14.1
1 - 20 of 48 items.
A full credit institution to which regulation 105 of the Payment Services Regulations applies must notify the FCA if it refuses a request for access to payment account services from:(1) a person falling within paragraphs (1)(a) to (e) (excluding (1)(d)) of the Glossary definition of payment service provider; or(2) an applicant for authorisation or registration as such a payment service provider.
The direction in SUP 15.14.6D will not apply if the FCA gives a different direction to a specific credit institution, in the light of the particular circumstances surrounding a refusal of access to payment account services, about how to notify the FCA. The FCA is likely to be minded to do so where a credit institution decides to withdraw access to a large number of persons falling within paragraphs (1)(a) to (e) (excluding (1)(d)) of the Glossary definition of payment service
A notification required by regulation 71(8)(c) of the Payment Services Regulations and SUP 15.14.10D must be submitted by the account servicing payment service provider to the FCA: (1) in the form specified in SUP 15 Annex 10(2) by electronic means made available by the FCA; and (3) immediately after the first occasion on which it denies the account information service provider or the payment initiation service provider in question access to a payment account.
Where: (1) an account servicing payment service provider denies access to more than one payment account or to a payment account on multiple consecutive occasions; and(2) these denials of access:(a) are in respect of the same account information service provider or payment initiation service provider; and(b) arise out of the same facts and happen for the same reasons,the account servicing payment service provider is required to submit only a single notification in respect of them
Where an account servicing payment service provider has already submitted a notification in accordance with regulation 71(8)(c) of the Payment Services Regulations and SUP 15.14.10D and continues to deny access to a payment account, it is not required to notify the FCA of a consecutive denial of access that happens after the original notification was sent if it: (1) is in respect of the same account information service provider or payment initiation service provider; and(2) arises
An account servicing payment service provider that has previously submitted a notification in accordance with regulation 71(8)(c) of the Payment Services Regulations and SUP 15.14.10D must notify the FCA if it subsequently restores access to the payment account for the account information service provider or payment initiation service provider that was the subject of the original notification, unless it indicated in the first notification that it intended to immediately restore
A notification required under SUP 15.14.15D must be submitted by the account servicing payment service provider to the FCA:(1) in the form specified in SUP 15 Annex 10; (2) by electronic means made available by the FCA; and (3) immediately after it restores access to the payment account(s) for the account information service provider or payment initiation service provider.
Regulation 99(1) of the Payment Services Regulations provides that, if a payment service provider becomes aware of a major operational or security incident, the payment service provider must, without undue delay, notify the FCA. The purpose of this section is to direct the form and manner in which such notifications must made and the information they must contain, in exercise of the power in regulation 100(2) of the Payment Services Regulations.
The EBA has issued Guidelines on incident reporting under the Payment Services Directive that specify the criteria a payment service provider should use to assess whether an operational or security incident is major and needs to be reported to the FCA. These Guidelines also specify the format for the notification and the procedures the payment service provider should follow.
In particular, a notification required by regulation 99(1) of the Payment Services Regulations must be submitted by the payment service provider to the FCA:(1) within the timescales and at the frequencies specified in the EBA’s Guidelines on incident reporting under the Payment Services Directive (EBA/GL/2017/10)3;(2) in writing on the form specified in SUP 15 Annex 11D; and(3) by such electronic means as the FCA may specify.
Where the electronic means of submission of notifications is known not to be available or operated at the time the incident is first detected, the notification should be sent to the FCA as soon as the electronic means of submission becomes available and operational again. Unless the FCA has informed a specific payment service provider that electronic means of submission are also available to it and operated at other times, the electronic means of submission are available and operated
The EBA’s Guidelines on incident reporting under the Payment Services Directive contain guidelines on the completion of the form specified in SUP 15 Annex 11D. Payment service providers should use the same form in all reports concerning the same incident. Payment service providers may not have sufficient information to complete all parts of the form in the initial report. They should complete the form in an incremental manner and on a best effort basis as more information becomes
SUP 15.6.1R to SUP 15.6.6G (Inaccurate, false or misleading information) apply to payment service providers that are required to make notifications in accordance with this section as if a reference to firm in SUP 15.6.1R to SUP 15.6.6G were a reference to the relevant category of payment service provider and a reference to a rule were a reference to the directions in this section.
Payment service providers are reminded that regulation 142 of the Payment Services Regulations (Misleading the FCA or the Payment Systems Regulator) makes it an offence for a person to knowingly or recklessly provide the FCA with information which is false or misleading in a material particular in purported compliance with the directions given in this section or any other requirement imposed by or under the Payment Services Regulations.
23343(1) A PSR fee payer is not required to pay any PSR fee in accordance with FEES 9.2.1R where, in the opinion of the FCA and PSR, the costs of collection would be disproportionate to the amount payable.84(2) If (1) applies in any given fee year, the transaction volumes and transaction values attributable to that PSR fee payer are not to be included in the sum of all PSR fee payers’ relevant transactions set out in columns 4 and 5 of the table in FEES 9 Annex 1R for that fee
(1) 3If a payment service provider (A) acquires all or part of the business of another payment service provider which includes transaction volumes (B), whether by merger, acquisition or transfer, during the course of a fee year, the liability for paying the PSR fee in the following fee year in relation to B shall rest with A. (2) FEES 9.2.1BR(1)4 also applies when the business acquired, transferred or merged is not a legal entity but is an unincorporated business, or is in the
PSR fee payers falling within the scope of FEES 4.3.6R(1C) – (1E)7 must pay to the FCA:62824822843(1) an amount equal to 50% of the PSR fee payable for the previous fee year, by 1 April in the current6fee year or, if later, within 30 days of the date of the invoice6; and23(2) the balance of the PSR fee due by 16 September4 in the current fee year or, if later, within 30 days of the date of the invoice.2
(1) 2The operator of a regulated payment system or IFR card payment system4 must provide to the FCA and6PSR, for each of its direct payment service providers (and for itself, where it is an operator acting as an acquirer or card issuer)4:86(a) a copy of the data setting out the transaction volumes and transaction values required by the FCA to calculate the PSR fees as set out in FEES 9 Annex 1R; and8(b) the following information (which is either in the operator’s possession or
The FCA will not relieve or refund a PSR fee if after the start of that fee year:42(1) 4a payment system ceases to be a regulated payment system; or4(2) 4an IFR card payment system ceases to be subject to the IFR;4 or(3) 4a person4 ceases to be a direct payment service provider of a regulated payment system or an IFR card payment system4.
If a payment system ceases to be a regulated payment system, or an IFR card payment system ceases to be subject to the IFR4, all direct payment service providers of that system, and the operator of that IFR card payment system,4 must pay any outstanding PSR fees before the system ceases to hold that status.22
If a person4 ceases to be:42(1) 4a direct payment service provider of a regulated payment system or of an IFR card payment system4, it must pay any outstanding PSR fees in respect of that system, before it ceases to be a direct payment system provider of the system; or4(2) 4the operator of a IFR card payment system, it must pay any outstanding PSR fees in respect of that system before it ceases to be the operator of that IFR card payment system4.
If a PSR fee payer8 does not pay the total amount of its PSR fees before the end of the date on which it is due, it must pay to the FCA2: 24(1) an administrative fee of £250; plus(2) interest on any unpaid part of the fee at an annual rate of 5% above the Official Bank Rate from time to time in force, accruing daily from the date on which the amount concerned became due.
The purpose of this section is to give directions to payment service providers under regulation 29 (Reporting requirements) of the Payment Accounts Regulations about:(1) the information concerning their compliance with the requirements imposed on them under Part 3 (Switching) and Part 4 (Access to payment accounts) of the Payment Accounts Regulations; and (2) the time at which and the form in which they must provide that information.
A payment service provider to which SUP 16.22.3D applies and which is a credit institution is required to complete every row in the payment accounts report, including rows 4 and 5, in accordance with SUP 16.22.5D to SUP 16.22.10R, even if it has not been designated under regulation 21 of the Payment Accounts Regulations.
Details of how this chapter applies to each type of respondent are set out below. For this purpose, respondents include:(1) persons carrying on regulated activities (firms),1341 providing payment services (payment service providers)8 providing electronic money issuance services (electronic money issuers)201341carrying on CBTL business (CBTL firms), 22providing credit information under the Small and Medium Sized Business (Credit Information) Regulations (designated credit reference
8This chapter (except 24 the complaints reporting rules and the complaints data publication rules9) applies to payment service providers that are not firms24 in respect of complaints from eligible complainants concerning activities carried on from an establishment maintained by that payment service provider24 or its agent in the United Kingdom (or in an EEA State, in the case of a TA PI firm or a TA RAISP firm with respect to services provided into the United Kingdom)30.99
24The complaints reporting directions apply to a payment service provider that is not a firm in respect of complaints from payment service users concerning activities carried on from an establishment maintained by that payment service provider or its agent in the United Kingdom (or in an EEA State, in the case of a TA PI firm or a TA RAISP firm with respect to services provided into the United Kingdom)30.
(1) A firm, payment service provider20, electronic money issuer, 22designated credit reference agency20 or designated finance platform22 falling within the Compulsory Jurisdiction which does not conduct business with eligible complainants and has no reasonable likelihood of doing so, can, by written notification to the
FCA
, claim exemption from the rules relating to the funding of the Financial Ombudsman Service, and from the remainder of this chapter.134181341(2) Notwithstanding
(1) Paragraph 9 of Schedule 4 of FSBRA and the 2015 Interchange Regulations applying FSBRA in a modified form and the Payment Services Regulations applying FSBRA in a modified form6 allow3 the FCA to make rules requiring participants2 in regulated payment systems and IFR card payment systems6 to pay the FCA specified amounts or amounts calculated in a specified way to:(a) meet the relevant costs referred to in (2) below; and (b) enable the PSR to maintain adequate reserves.(1A)
3551(1) Subject to (2) and (3)55, the50 only category of firm to which no section of this chapter applies is an ICVC.55505154(2) SUP 16.26 (Reporting of information about Directory persons) applies to a firm which is an SMCR firm (see SUP 16.1.1FR).50(3) 55SUP 16.27 (General insurance value measures reporting) applies to the type of firms listed in SUP 16.1.3R.
Application of different sections of SUP 16 (excluding49 SUP 16.13, SUP 16.15, 60SUP 16.22 and56 SUP 16.2656)50534266393927
(1) Section(s) |
(2) Categories of firm to which section applies |
(3) Applicable rules and guidance |
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All categories of firm except: |
Entire sections |
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(a) |
an ICVC; |
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(b) |
[deleted]51 |
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| 20 | |||||
| 49 | |||||
| 3 | 141439 | ||||
| 39 | |||||
(c) |
[deleted]51 |
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All categories of firm except: |
Entire sections |
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(-a) |
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(a) |
an ICVC; |
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(b) |
[deleted]51 |
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(c) |
[deleted]51 |
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(d) |
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(e)4 |
[deleted]4 |
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(f) |
a sole trader; |
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(g) |
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(h) |
[deleted]51 88 |
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(i)8 |
a firm with permission to carry on only retail investment activities;8 |
8 | |||
(ia)38 |
a firm with permission only to advise on P2P agreements (unless that activity is carried on exclusively with or for professional clients);38 |
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(j)8 |
a firm with permission to carry on only insurance distribution activity52, home finance mediation activity,16 or both;8 16 |
8 | |||
(ja)30 |
an FCA-authorised person with permission to carry on only credit-related regulated activity; |
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48(jb) |
a firm with permission to carry on only regulated claims management activities; |
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58(jc) |
a firm with permission to carry on only funeral plan distribution; |
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(k)8 |
a firm falling within a combination of (i), (ia), (j), (ja), (jb) and (jc)58. 30483830 |
8 | |||
46(l) |
a firm with permission to carry on only the regulated activity of administering a benchmark; |
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| 27 | |||||
| 2628 | |||||
| 28 | 28 | ||||
Depositary of an authorised fund41 |
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A firm subject to the requirement in SUP 16.7A.3 R or SUP 16.7A.5 R |
Sections as relevant |
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Insurer with permission to effect or carry out life policies, unless it is a non-directive friendly society3 |
Entire section |
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3Firm with permission to establish, operate or wind up a personal pension scheme or a stakeholder pension scheme14 14 |
Entire section3 |
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| 5 | 5 | 5 | |||
Entire section9 |
9
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(a)9 |
9 | ||||
(b)9 |
[deleted]51 2142 |
9 | |||
(c)9 |
[deleted]42 219 |
9 | |||
21(d) |
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(1) |
A firm, other than a managing agent, which is: |
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(a) |
a home finance provider; or |
Entire section |
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(b) |
an insurer; or |
Entire section |
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(c) |
the operator of a regulated collective investment scheme or an investment trust savings scheme; or |
Entire section |
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(d) |
a person who issues or manages the relevant assets of the issuer of a structured capital-at-risk product; or |
Entire section |
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(e) |
a firm with permission to enter into a regulated credit agreement as lender in respect of high-cost short-term credit or home credit loan agreements; or |
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(2) |
a firm in whom the rights and obligations of the lender under a regulated mortgage contract are vested. |
The provisions governing performance data reports in SUP 16.11 and SUP 16 Annex 21 |
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A firm undertaking the regulated activities as listed in SUP 16.12.4 R, unless exempted in SUP 16.12.1 G |
Sections as relevant to regulated activities as listed in SUP 16.12.4 R23 |
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A CASS large firm and a CASS medium firm |
Entire section29 |
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[deleted]60 34 |
5943 | ||||
A firm subject to the Money Laundering Regulations and within the scope of SUP 16.23.1R |
Entire Section |
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A firm undertaking the regulated activities in SUP 16.23A.1R51 |
Entire section |
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A firm with permission to effect or carry out contracts of insurance in relation to life and annuitycontracts of insurance45 to the extent that the firm and its business falls within the scope of SUP 16.24.1R. |
Entire Section |
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A firm with permission to carry on regulated claims management activities. |
Entire section |
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A firm which, in respect of general insurance contracts, is: |
Entire section |
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(a) |
an insurer; |
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(b) |
55a 55(i) TP firm which has temporary permission; or 55 (ii) a Gibraltar-based firm, treated as having permission, to effect contract of insurance 55 including those providing services from an establishment outside the UK with a customer in the UK55; |
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(c) |
a managing agent; or |
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(d) |
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to the extent that the firm and its business falls within the scope of SUP 16.27.7R. |
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A firm which, in respect of general insurance contracts, is: |
Entire section |
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(1) |
an insurer; |
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(2) |
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(3) |
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(4) |
a TP firm; or |
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(5) |
a Gibraltar-based firm that is not a TP firm. |
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to the extent that the firm and its business falls within the scope of SUP 16.28.8R. |
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| 26 | |||||
27Note 2 50The application of SUP 16.13 is set out under SUP 16.13.1 G;66 the application of SUP 16.15 is set out under SUP 16.15.1 G; the application of SUP 16.16 is set out SUP 16.16.1 R and SUP 16.16.2 R the application of SUP 16.17 is set out in SUP 16.17.3 R and SUP 16.17.4 R66; and the application of SUP 16.26 is set out in SUP 16.26.1R50. 4366 |
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29Note 3 50The application of SUP 16.18 for the types of AIFMs specified in SUP 16.1.1C G is set out in SUP 16.18.2 G. 43 |
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A firm should not:(1) request a payment service provider to make a payment from the customer's payment account1 unless:(a) (i) the amount of the payment (or the basis on which payments may be taken) is specified in or permitted by the credit agreement or P2P agreement; and(ii) the amount of the payment (or the basis on which payments may be taken) was referred to in the adequate explanation required by CONC 4.6.2 R; or(b) the firm has complied in relation to such a request with
A firm is likely to contravene CONC 7.6.3 R if it:(1) requests a payment service provider to make a payment from the customer's payment account1 before income or other funds may reasonably be expected to reach the account; for example, this is likely to be relevant where a firm is aware of the customer's salary payment date; or(2) requests a payment service provider to make a payment from the customer's payment account1 where it has reason to believe that there are insufficient
Where permissible, a firm should only make a reasonable number of payment requests to a payment service provider to collect a part payment (a sum due which is less than the full sum due at the time the firm's payment request is made) from the customer's payment account1, having regard to the possibility that the customer may be in financial difficulties.[Note: paragraph 3.9mii (box) of DCG]
(1) Subject to (3) to (5), a firm must not request a payment service provider to make a payment, under a continuous payment authority, to collect (in whole or in part) a sum due for high-cost short-term credit if it has done so in connection with the same agreement for high-cost short-term credit on two previous occasions and those previous payment requests have been refused.(2) For the purposes of (1) and (3):(a) if high-cost short-term credit has been refinanced, except in exercise
(1) Subject to (2), a firm must not request a payment service provider to make a payment under a continuous payment authority to collect a sum due for high-cost short-term credit if that sum is less than the full sum due at the time the request is made.(2) Where a firm:(a) following contact with a customer, refinances the agreement in accordance with CONC 6.7.17 R to CONC 6.7.23 R by granting an indulgence which allows for one or more repayment of a reduced amount under a repayment
This manual applies in the following way:(1) FEES 1, 2 and 3 apply to the fee payers listed in column 1 of the Table of application, notification and vetting fees in FEES 3.2.7 R29. 1050(a) [deleted]1010(b) [deleted]1010(c) [deleted]1010(d) [deleted]1010(e) [deleted]10(f) [deleted]1010(g) [deleted]1010(h) [deleted]1010(i) [deleted]1010(j) [deleted]1010(k) [deleted]1010(l) [deleted]1010(m) [deleted]1010(n) [deleted]104(o) 3345410[deleted]10(p) 55410[deleted]10(q) 6510[deleted]10(r)
The periodic fee referred to in FEES 4.3.1 R is (except in relation to the Society,10fee-paying payment service providers, CBTL firms,20fee-paying electronic money issuers and data reporting services providers20) 20 calculated as follows:107(1) identify each of the tariffs set out in Part 1 of FEES 4 Annex 2AR1727 which apply to the business of the firm for the period specified in that annex;27(2) for each of the applicable27 tariffs, calculate the sum payable in relation to
(1) A firm which becomes authorised or registered 7during the course of a fee year26 will be required to pay a proportion of the periodic fee which reflects the proportion of the year for which it will have a permission or the right to provide particular payment services or the right to issue electronic money107- see FEES 4.2.5 G and FEES 4.2.6 R.26(2) Similarly a firm which extends its permission or its right to provide particular payment services7so that its business then falls
(1) [deleted]17272712112727111127(1A) [deleted] 1727(1B) [deleted] 1727(1C) 17If a person meets either of the conditions in (1D) it must pay the FCA the fee in (1E).(1D) 17A person meets the conditions referred to in (1C) if:(a) its periodic fee for the previous fee year was at least £50,000 and it is:(i) an FCA-authorised person; or(ii) a designated professional body; or(iii) a recognised investment exchange; or(iv) a regulated covered bondissuer; or(b) it is a PRA-authorised
Fees for applications and notifications16 under the Payment Services Regulations are set out in FEES 3 Annex 8R . The fee depends on the type of payment services a firm wishes to provide and whether it will be a small payment institution or an authorised payment institution. The fee may also depend on the number of agents it has.4
2The FCA is also responsible for monitoring and enforcing compliance with the Funds Transfer Regulation by payment service providers specified under regulation 62(1) of the Money Laundering Regulations.[Note: Regulation (EU) No 2015/847 on information accompanying transfer of funds as amended by the Money Laundering and Transfer of Funds (Information) (Amendment) (EU Exit) Regulations 2018 (SI 2019/253)]3
1The Money Laundering Regulations add to the range of options available to the FCA for dealing with anti-money laundering and anti-terrorist financing 2 failures. These options include2:• to prosecute a relevant person, including but not limited to an 2authorised firm or3an 2Annex I financial institution3or an auction platform5, a cryptoasset exchange provider or a custodian wallet provider,4as well as any responsible officer2;2• to fine or censure a relevant person, including
1The Money Laundering Regulations also provide investigation powers that the FCA can use when investigating whether breaches2 have taken place. These powers include: • the power to require information from, and attendance of, relevant persons, payment service providers2and connected persons (regulation 662); and• powers of entry and inspection without or under warrant (regulations 69 and 702).The use of these powers will be limited to those cases in which the FCA is exercising
7The Ombudsman can consider a complaint under the Compulsory Jurisdiction if it relates to an act or omission by a payment service provider in carrying on:(1) payment services; or(2) credit-related regulated activities;11321132or any ancillary activities, including advice, carried on by the payment service provider in connection with them.
Complaints about acts or omissions include those7 in respect of activities for which the firm,931payment service provider7, 14electronic money issuer,15CBTL firm,16designated credit reference agency15 or designated finance platform16 is responsible (including business of any appointed representative or agent7 for which the firm,931payment institution,15electronic money institution,16designated credit reference agency15 or designated finance platform16 has accepted responsibi
7The Compulsory Jurisdiction includes complaints about the UK end of 'one leg' payment services transactions, i.e. services provided from UK establishments that also involve a payment service provider located outside the EEA. The Compulsory Jurisdiction also includes complaints about payment services irrespective of the currency of the transaction.
1This chapter contains:2(1) guidance for firms, authorised payment institutions, registered account information service providers9 and authorised electronic money institutions8 and their 7appointed representatives, agents7or tied agents5on the circumstances in which the FCA12 permits them 7to reproduce the FSA and FCA logos12;28812712(2) rules on the use by firms of the Key facts logo.2
(1) The periodic fees for collective investment schemes reflect the estimated costs to the FCA of considering proposals to change regulated collective investment schemes, maintaining up to date records about them, and related policy work.(2) [deleted]828(3) The periodic fees for fee-paying payment service providers, fee-paying electronic money issuers, CBTL firms, data reporting service providers and issuers of regulated covered bonds7are set out in FEES 4 Annex 11R12. This annex
7Payment service providers are required to provide the FCA with such information as the FCA may direct in respect of their provision of payment services or compliance with the requirements imposed by or under Parts 2 to 7 or regulation 105 of the Payment Services Regulations. The purpose of SUP 15.8 is to request information from full credit institutions where they provide (or propose to provide) account information services or payment initiation services. In addition to this
This chapter sets out:(1) guidance on the type of event or change in condition which a firm should consider notifying in accordance with Principle 11; the purpose of this guidance is to set out examples and not to give comprehensive advice to firms on what they should notify in order to be in compliance with Principle 11;(2) rules on events and changes in condition that a firm must notify; these are the types of event that the FCA2 must be informed about, usually as soon as possible,
(1) The following enable the FCA to charge fees to cover its costs and expenses in carrying out its functions:13(a) paragraph 23 of Schedule 1ZA of the Act;13(b) regulation 92 of the Payment Services Regulations;13(c) regulation 59 of the Electronic Money Regulations;13(d) article 25(a) of the MCD Order;1513(e) regulation 21 of the Small and Medium Sized Businesses (Credit Information) Regulations. 13(f) regulation 18 of the Small and Medium Sized Business (Finance Platforms)
(1) 1Once a year a credit institution that provides payment services or issues electronic money must provide the FCA with a complete report concerning complaints received about payment services and electronic money.(2) Once a year an electronic money institution, a payment institution or2 a registered account information service provider2must provide the FCA with a complete report concerning complaints received about payment services and electronic money.(3) The report required
(1) In contrast to the other provisions in DISP 1 which generally apply only to complaints from eligible complainants, the complaints reporting directions apply in addition to complaints from payment service users that are not eligible complainants.(2) Payment service providers are reminded that regulation 101 of the Payment Services Regulations contains requirements relating to complaints resolution procedures applicable to complaints from payment service users that are not eligible
1The FCA has investigation and sanctioning powers in relation to both criminal and civil breaches of the Payment Services Regulations. The Payment Services Regulations impose requirements including, amongst other things, obligations on payment service providers to provide users with a range of information and various provisions regulating the rights and obligations of payment service users and providers.
(1) Any of the following persons which is exempt under DISP 1.1.12R is also exempt from FEES 5.5B:1(a) a firm;1(b) a payment service provider;1(c) an electronic money issuer; 21(d) a designated credit reference agency; and21(e) 2a designated finance platform.(2) However, a person will only be exempt from FEES 5.5B in any financial year if it met the conditions in DISP 1.1.12R on 31 March of the immediately preceding financial year.1
Where a respondent ceases to be a firm, payment service provider, electronic money issuer, CBTL firm, 6a designated credit reference agency, a designated finance platform, VJ participant or claims management company3 (as the case may be) part way through a financial year it will remain liable to pay case fees under FEES 5.5B in respect of cases within the jurisdiction of the Financial Ombudsman Service.215