On 1st November 2009 a new Payment Services Regulation (PSR) comes into effect. PSR introduces a new authorisation and regulatory framework by the Financial Services Authority (FSA) in the United Kingdom for non banking payment service providers.
Businesses such as such as MoneyCorp and HiFX will be known as authorised Payment Institutions (authorised PIs) from 1st November 2009, prior application and approval by the FSA. PSR will also establish what information payment service users must receive and specific rules on the respective rights and obligations of payment service users and providers in the UK.
The Payment Services Regulation (PSR) have been created to provide customers with greater transparency of information when making payments.