Payments: EU Law

HM Treasury written question – answered on 9th January 2018.

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Photo of Daniel Zeichner Daniel Zeichner Labour, Cambridge

To ask Mr Chancellor of the Exchequer, if it remains his policy to implement the Second Payment Services Directive after the UK has left the EU.

Photo of Stephen Barclay Stephen Barclay The Economic Secretary to the Treasury, Minister of State (Department of Health and Social Care)

The Second Payments Services Directive will play a transformative role in financial services by empowering consumers to take control of their data, creating a level playing field between payment providers, increasing the choice, efficiency, transparency and security of retail payments; and facilitating the provision of innovative card, internet and mobile payment services across all retail payments for consumers.

Legislation transposing PSD2 has already been laid in Parliament, and comes into effect on the 13 January 2018, before we leave the EU.

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