Experienced, specialist, committed
We provide a full range of support to businesses that are regulated under the payment services regulations including:
- audit of financial statements
- preparation of financial statements
- applications for authorisation as payment institutions – including registration for the forthcoming Second Payment Services Directive (PSD 2)
- advisory services in relation to the payment services regulations and review of compliance with safeguarding requirements
The Second Payment Services Directive (PSD 2) is the product of a review of the original Payment Services Directive and requires payments service providers to make a significant number of changes to existing operations.
Applications for authorisation under PSD2 need to be submitted by 13 April 2018.
All firms that have been authorised under the original PSD will be required to re-apply to the Financial Conduct Authority (FCA) to demonstrate that they meet the additional requirements of PSD2.
Compliance with PSD2 requires more than just submitting a new application form - payments service providers may need to make significant changes to their existing operations, particularly around IT security and business continuity. It is therefore important to start your PSD2 submission right away.
PKF Littlejohn's Payment Services team has a long track record of helping businesses in the sector to fulfil their regulatory duties. We can help prepare your business for PSD2 through:
- Full service - preparing a complete application for re-authorisation.
- Menu service- providing assistance with parts of the application that you need help with, such those relating to IT
- Pre-submission check- a review of a completed application for authorisation prior to FCA submission, to provide feedback on the areas of the application that may need to improve on to ensure speedy re-authorisation.
For more information, please contact our Payment Services team.