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  • Regulatory disclosures

    Payment Services Directive II (PSD2)

The second Payment Services Directive (“PSD2“) came into effect on 13 January 2018. In connection with the requirements of PSD2, we are required to inform you of some changes to the terms and conditions governing accounts we maintain for you in the UK (“Accounts“).   

Background 

PSD2 replaces the existing EU framework for the regulation of payment services under the original Payment Services Directive 2009 (“PSD1“) and is the result of a number of drivers, including developments in technology, the increased threat of cyber attack and a desire to increase competition. PSD2 introduces new requirements around how we provide payment services for Client Accounts and required changes to the terms and conditions governing our client’s Accounts.

These changes include:

Further information

Further information around the operational changes to your Accounts, and PSD2 generally, can be found on the European Commission website.