The Payment Services Directive covers the regulation of payment services and providers within the UK, including how payments are initiated, processed, and safeguarded for customers. A solicitor in this area helps banks, payment institutions and fintechs comply with the regime, draft terms, and address authorisation, safeguarding of client funds, transparency, and incident reporting under the Payment Services Regulations 2017 and PSD2. They assess risks, advise on contractual arrangements with merchants and customers, and handle regulatory investigations and disputes.
What a solicitor handles in these matters
A solicitor deals with the regulatory requirements, the drafting and negotiation of terms, safeguarding rules, incident reporting, and interactions with the Financial Conduct Authority, banks, payment institutions and merchants, ensuring compliance with the directive and related regulations to minimise regulatory risk and maintain clear customer protections.
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