Chapter 25 PSD2, BREXIT AND THE FINANCIAL REGULATION OF PAYMENT SYSTEMS IN THE UK
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This Chapter discusses the implementation of the Revised Payment Services Directive 2015/2366 (PSD2) in the UK. We analyse the main provisions of the UK Payment Services Regulations 2017 (PSRs 2017) and critically discuss the links between the UK legal frameworks on payment systems and consumer/customer protection. As result of Brexit, the UK payment system could take a new direction and perhaps even become more competitive. Indeed, since 2019, the increased reliance on engagement agreements that have been put in place between the FCA and Member States, as well as ESMA and EIOPA, is securing a direct access to the EU policy decision-making process. Furthermore, on Brexit, the PSRs 2017 will still be in place, as per the Payment System Regulator’s strategy consultation paper self-regulation is promoted by the UK financial industry under the new UK market practices in payment systems.

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