On 9 October 2024, the Payment Services (Amendment) Regulations 2024 were enacted by Parliament. These regulations will come into force on 30 October 2024, amending the Payment Services Regulations 2017 (SI 2018/752) (PSRs).
These regulations amend the maximum time limit under which payment service providers must execute payment transactions. A payment service provider may delay by a further 72 hours if it has reasonable grounds to suspect that the payment order has been made in connection with a third party's fraud or dishonesty. This extends the current PSRs time limit for payment orders to be executed by the end of the business day following receipt of the payment order.
The regulations also set out:
- how and when the payment service user must be notified of any delay.
- any liability the payer might incur for charges or interest as a result of the delay.
The authors
Lewis Baxter
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