The payment services directive 2007 (PSR’s) came into force in 2009 and very many firms that had faced the very light touch regulation of the office of fair trading (OFT) were suddenly faced with far more effective and robust supervision than by the FSA now of course the FCA. We were pleased to work with the United Kingdom Money Remitters Association (UK MTA) to introduce many firms to the new regulator, but many firms did find this to be a culture shock and are still having difficulty raising the standards.
This is one of a number of directives, but any firm that are still having problems with the PSR’s please contact us as we will be happy to be of service, including where possible, introducing you to a bank for a safeguarding account.
Secured mortgage lenders or secured loan brokers are soon going to be impacted by the mortgage credit directive (MCD) so the current level of regulation by the FCA, now that they are responsible rather than the OFT, is remaining dynamic, as there will be some very major changes which will come into effect in 2016.
There are approximately 28 new European directives coming down the track only 2 which are going to impact directly on financial services intermediaries, the MCD mentioned above, and the 3rd e-money directive.