- Latest available (Revised)
- Original (As made)
The Payment Services Regulations 2009
You are here:
What Version
Advanced Features
- Show Geographical Extent(e.g. England, Wales, Scotland and Northern Ireland)
- Show Timeline of Changes
More Resources
Changes to legislation:
There are outstanding changes not yet made by the legislation.gov.uk editorial team to The Payment Services Regulations 2009. Any changes that have already been made by the team appear in the content and are referenced with annotations.
Changes to Legislation
Revised legislation carried on this site may not be fully up to date. Changes and effects are recorded by our editorial team in lists which can be found in the ‘Changes to Legislation’ area. Where those effects have yet to be applied to the text of the legislation by the editorial team they are also listed alongside the legislation in the affected provisions. Use the ‘more’ link to open the changes and effects relevant to the provision you are viewing.
Changes and effects yet to be applied to Regulation 42:
- Sch. 3 para. 19(a)(b) words substituted by S.I. 2012/1741 Sch. para. 11
- Sch. 5 para. 2(za) inserted by S.I. 2013/472 Sch. 2 para. 155(6)(b)(ii)
- Sch. 5 para. 3(ba) inserted by S.I. 2013/472 Sch. 2 para. 155(6)(c)(iii)
- Sch. 5 para. 3(c)(iiia) inserted by S.I. 2013/472 Sch. 2 para. 155(6)(c)(v)
- Sch. 5 para. 10(a)(iv) inserted by S.I. 2015/1911 reg. 17(3)(b)
- Sch. 5 para. 3(c)(i)(aa) omitted by S.I. 2013/472 Sch. 2 para. 155(6)(c)(iv)
- Sch. 5 para. 2(a)(b) and word substituted by S.I. 2010/22 Sch. 3 para. 189(c)
- Sch. 5 para. 3(d)(i)(aa) substituted by S.I. 2013/472 Sch. 2 para. 155(6)(c)(vi)
- Sch. 5 para. 3(d)(i)(bb) word substituted by S.I. 2013/472 Sch. 2 para. 155(6)(c)(vii)
- Sch. 5 para. 5(a)(iii)(bb) words substituted by S.I. 2013/472 Sch. 2 para. 155(6)(e)(iii)
- Sch. 7 inserted by S.I. 2009/2475 reg. 13
- Regulations applied by S.I. 2015/2038 reg. 26
- Regulations applied (with modifications) by S.I. 2011/245 Sch. 6 Pt. 1
- Regulations functions modified by S.I. 2013/161 art. 5 6(1)(c)(ii)
- Regulations power to modify conferred by 2023 c. 29 s. 3 Sch. 1 Pt. 2
- Regulations revoked by 2023 c. 29 Sch. 1 Pt. 2
- Regulations revoked in part by S.I. 2017/752 Sch. 9
- reg. 10A inserted by S.I. 2009/2475 reg. 3
- reg. 13(4)(da) inserted by S.I. 2009/1912 reg. 4
- reg. 13(4)(da) substituted by 2010 c. 38 Sch. 1 para. 8(b)
- reg. 13(4A)-(4D) inserted by S.I. 2012/1791 reg. 3(2)
- reg. 29(3)(a)(ii)(aa) words substituted by S.I. 2017/692 Sch. 7 para. 24(6)(a)
- reg. 42(1) word substituted by S.I. 2009/2475 reg. 4
- reg. 52(e) inserted by S.I. 2010/1010 reg. 97(b)
- reg. 80A inserted by S.I. 2015/1911 reg. 17(2)
- reg. 92(2)-(5) substituted for reg. 92(2) by S.I. 2013/429 reg. 2(4)
- reg. 109A inserted by S.I. 2015/422 reg. 2(6)
- reg. 110(1)(d)-(i) substituted for reg. 110(1)(d)(e) by S.I. 2009/2475 reg. 11
- reg. 125A inserted by S.I. 2012/1791 reg. 3(5)
- reg. 125B inserted by S.I. 2013/472 Sch. 2 para. 155(5)
- reg. 127 inserted by S.I. 2009/2475 reg. 12
Changes and effects yet to be applied to the whole Instrument associated Parts and Chapters:
Whole provisions yet to be inserted into this Instrument (including any effects on those provisions):
- Sch. 3 para. 19(a)(b) words substituted by S.I. 2012/1741 Sch. para. 11
- Sch. 5 para. 2(za) inserted by S.I. 2013/472 Sch. 2 para. 155(6)(b)(ii)
- Sch. 5 para. 3(ba) inserted by S.I. 2013/472 Sch. 2 para. 155(6)(c)(iii)
- Sch. 5 para. 3(c)(iiia) inserted by S.I. 2013/472 Sch. 2 para. 155(6)(c)(v)
- Sch. 5 para. 10(a)(iv) inserted by S.I. 2015/1911 reg. 17(3)(b)
- Sch. 5 para. 3(c)(i)(aa) omitted by S.I. 2013/472 Sch. 2 para. 155(6)(c)(iv)
- Sch. 5 para. 2(a)(b) and word substituted by S.I. 2010/22 Sch. 3 para. 189(c)
- Sch. 5 para. 3(d)(i)(aa) substituted by S.I. 2013/472 Sch. 2 para. 155(6)(c)(vi)
- Sch. 5 para. 3(d)(i)(bb) word substituted by S.I. 2013/472 Sch. 2 para. 155(6)(c)(vii)
- Sch. 5 para. 5(a)(iii)(bb) words substituted by S.I. 2013/472 Sch. 2 para. 155(6)(e)(iii)
- Sch. 7 inserted by S.I. 2009/2475 reg. 13
- reg. 10A inserted by S.I. 2009/2475 reg. 3
- reg. 13(4)(da) inserted by S.I. 2009/1912 reg. 4
- reg. 13(4)(da) substituted by 2010 c. 38 Sch. 1 para. 8(b)
- reg. 13(4A)-(4D) inserted by S.I. 2012/1791 reg. 3(2)
- reg. 29(3)(a)(ii)(aa) words substituted by S.I. 2017/692 Sch. 7 para. 24(6)(a)
- reg. 52(e) inserted by S.I. 2010/1010 reg. 97(b)
- reg. 80A inserted by S.I. 2015/1911 reg. 17(2)
- reg. 92(2)-(5) substituted for reg. 92(2) by S.I. 2013/429 reg. 2(4)
- reg. 109A inserted by S.I. 2015/422 reg. 2(6)
- reg. 110(1)(d)-(i) substituted for reg. 110(1)(d)(e) by S.I. 2009/2475 reg. 11
- reg. 125A inserted by S.I. 2012/1791 reg. 3(5)
- reg. 125B inserted by S.I. 2013/472 Sch. 2 para. 155(5)
- reg. 127 inserted by S.I. 2009/2475 reg. 12
Changes in contractual informationU.K.
This section has no associated Explanatory Memorandum
42.—(1) Subject to paragraph (4), any proposed changes to—
(a)the existing terms of the framework contract; or
(b)the information specified in Schedule 4,
must be communicated by the payment service provider to the payment service user no later than two months before the date on which they are to take effect.
(2) The framework contract may provide for any such proposed changes to be made unilaterally by the payment service provider where the payment service user does not, before the proposed date of entry into force of the changes, notify the payment service provider to the contrary.
(3) Where paragraph (2) applies, the payment service provider must inform the payment service user that—
(a)the payment service user will be deemed to have accepted the changes in the circumstances referred to in that paragraph; and
(b)the payment service user has the right to terminate the framework contract immediately and without charge before the proposed date of their entry into force.
(4) Changes in the interest or exchange rates may be applied immediately and without notice where—
(a)such a right is agreed under the framework contract and the changes are based on the reference interest or exchange rates information on which has been provided to the payment service user in accordance with this Part; or
(b)the changes are more favourable to the payment service user.
(5) The payment service provider must inform the payment service user of any change to the interest rate as soon as possible unless the parties have agreed on a specific frequency or manner in which the information is to be provided or made available.
(6) Any change in the interest or exchange rate used in payment transactions must be implemented and calculated in a neutral manner that does not discriminate against payment service users.
Commencement Information
I1Reg. 42 comes into force in accordance with reg. 1(2)
Options/Help
Print Options
PrintThe Whole Instrument
PrintThe Whole Part
PrintThe Whole Cross Heading
PrintThis Section only
Legislation is available in different versions:
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
See additional information alongside the content
Geographical Extent: Indicates the geographical area that this provision applies to. For further information see ‘Frequently Asked Questions’.
Show Timeline of Changes: See how this legislation has or could change over time. Turning this feature on will show extra navigation options to go to these specific points in time. Return to the latest available version by using the controls above in the What Version box.
Opening Options
Different options to open legislation in order to view more content on screen at once
Explanatory Memorandum
Explanatory Memorandum sets out a brief statement of the purpose of a Statutory Instrument and provides information about its policy objective and policy implications. They aim to make the Statutory Instrument accessible to readers who are not legally qualified and accompany any Statutory Instrument or Draft Statutory Instrument laid before Parliament from June 2004 onwards.
More Resources
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
- the original print PDF of the as enacted version that was used for the print copy
- lists of changes made by and/or affecting this legislation item
- confers power and blanket amendment details
- all formats of all associated documents
- correction slips
- links to related legislation and further information resources
Timeline of Changes
This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.
More Resources
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
- the original print PDF of the as made version that was used for the print copy
- correction slips
Click 'View More' or select 'More Resources' tab for additional information including:
- lists of changes made by and/or affecting this legislation item
- confers power and blanket amendment details
- all formats of all associated documents
- links to related legislation and further information resources
All content is available under the Open Government Licence v3.0 except where otherwise stated. This site additionally contains content derived from EUR-Lex, reused under the terms of the Commission Decision 2011/833/EU on the reuse of documents from the EU institutions. For more information see the EUR-Lex public statement on re-use.