Treasury seeks reactions to Payment Services Directive

LONDON – The UK Treasury has published a consultation paper on the Payment Services Directive (PSD). The Treasury document, entitled Implementation of the Payment Services Directive: a consultation on the draft legislation, is in reaction to the EU draft regulation designed to harmonise cross-border payments in the European Union, and which is due for majority implementation in the UK on November 1, 2009.

Later this summer the UK Financial Services Authority will consult on the remaining legislative changes, relating to out-of-court redress and complaints procedures. The deadline for responses to the Treasury’s paper is October 3, 2008.