2018年-FCA英国金融行为监管局_psd2_revised_payment_services_directive_14页_396kb

Summary of Regulator Assessment: Qualifying Regulatory Provisions (PSD2 Implementation)

Core Content

The revised Payment Services Directive (PSD2) is being implemented in the UK by the FCA, effective from 13 January 2018. This directive is a domestic extension of EU legislation and aims to modernise payment services regulation, enhance innovation, reduce costs, improve security, and strengthen consumer protection.

The assessment distinguishes between Non-Qualifying Regulatory Provisions (NQRPs) and Qualifying Regulatory Provisions (QRPs). NQRPs are changes that align with EU directive maximum requirements and are therefore not subject to a detailed impact assessment. QRPs, on the other hand, are changes not directly required by PSD2 and are subject to a cost-benefit analysis.

Main Aims of PSD2

• Update regulation to reflect market developments
• Encourage innovation and improve market access for payment service providers (PSPs)
• Reduce service costs
• Enhance payment security
• Strengthen consumer protection

Key Regulatory Changes

Non-Qualifying Regulatory Provisions (NQRPs)

These changes are aligned with EU directive requirements and include:

• Complaints handling (15 days for resolution)
• Fraud reporting
• Limited network exclusion notification
• Electronic communications exclusion notification
• Denial of access to account information service (AISP) or payment initiation service (PISP) notification
• Refusal or withdrawal of payment account services notification
• Incident reporting
• Revisions to the Approach Document
• Consequential changes to the Handbook
• Re-authorisation form

These are implemented through the Payment Services Regulations 2017 (PSRs 2017) and do not require a detailed cost analysis.

Qualifying Regulatory Provisions (QRPs)

These changes are not directly required by PSD2 and include:

• Complaints reporting: All payment services providers (including PIs, EMIs, and banks/building societies) must report complaints in a new form.
• Additional reporting to monitor compliance:
  • For e-money institutions: Consolidated reporting with annual frequency
  • For payment institutions and Regulated Account Information Service Providers (RAISPs): Updated reporting requirements, including income, payment volume, and access to payment systems
• Controllers and close links reporting: Authorised payment institutions must submit annual reports on controllers and close links
• BCOBS updates:
  • Security of electronic payments
  • Liability for unauthorised transactions
  • Handling of misdirected payments

Business Impact

Affected Business Categories

• Payment services providers: 1,552 businesses
• Limited network exclusion businesses: 200 businesses
• Electronic communications exclusion businesses: 10 businesses
• Credit unions and deposit takers exempt from PSRs 2017: 59 businesses

Estimated Costs

Total estimated cost to industry: £14,826,007 (one-off) and £8,981,743 (ongoing)

Business Impact Target (BIT) Score

• BIT score: 67.2 (indicating moderate impact)

Cost Breakdown

Complaints Reporting

• PIs and EMIs: One-off costs of £668,007 and ongoing costs of £523,243
• Banks/Building Societies: One-off costs of £14,158,000 and ongoing costs of £8,458,500
• Cost reduction: The final form simplifies reporting by not requiring differentiation between "PSD complaints" and "EMD complaints", thus reducing costs compared to initial estimates.

Additional Reporting for E-Money Institutions

• 119 businesses affected
• One-off costs: £453,899
• Ongoing costs: £285,800

Additional Reporting for Payment Institutions and RAISPs

• 1092 businesses affected
• One-off costs: £3,775,028
• Ongoing costs: £2,392,326

Controllers and Close Links Reporting

• 371 businesses affected
• One-off costs: £3,710
• Ongoing costs: £18,550

BCOBS - Security of Electronic Payments

• 59 businesses affected (54 credit unions and 5 building societies)
• Estimated one-off costs: £0
• Estimated ongoing costs: £0
• Impact: Minimal, as businesses already have secure systems in place.

BCOBS - Unauthorised Transactions

• 59 businesses affected
• One-off costs: £1,027
• Ongoing costs: £37,231
• Details: Reduced liability from £50 to £35 per unauthorised transaction. Ongoing costs relate to cases where customers are not fully reimbursed (estimated at 17% of incidents), leading to a transfer of £15 per case.

BCOBS - Misdirected Payments

• 59 businesses affected
• One-off costs: £0
• Ongoing costs: £0
• Details: New rules require businesses to cooperate in cases of misdirected payments, helping customers recover lost funds.

Conclusion

The implementation of PSD2 in the UK involves a mix of NQRPs and QRPs. While the broader costs have been considered by the EU Commission and UK Government, the FCA has focused on estimating the impact of QRPs, which are not directly mandated by the directive. The changes aim to improve transparency, security, and consumer protection, with the main costs arising from updated reporting requirements. Overall, the BIT score of 67.2 suggests that the impact on businesses is moderate.