FSA request urgent and simple feedback on the PSD

IAMTN participated in the recent FSA run PSD Stakeholder Liaison meeting. The Financial Services Authority (FSA) is the UK regulatory body that is tasked by the government with regulating the PSD when it is introduced on 1 November 2009. And it is holding a series of Stakeholder Liaison meetings to:

• ensure that the industry is able to provide information and advice to the FSA for policy and planning purposes
• provide input into determining how industry is best supported to comply with the proposed PSD regime
• aware of the FSA's decision making

IAMTN are represented on this group by Advisory Board member Leon Isaacs. He advised 'Clearly there is still uncertainty as to what shape the PSD will finally take. Indeed HM Treasury are currently undertaking an additional consultation exercise on the PSD which all UK based members are encouraged to respond to. One thing is for sure, PSD will be implemented in some shape or form in Europe in 15 months time so it is important that the authorities can provide guidance as to its content and the processes around it as quickly as possible.'

If you are a UK based money transfer business then your help is needed. Under the PSD, all payment institutions (MSBs, etc) based in the UK will be required to register all of their agents within the European Economic Area with the FSA. The FSA are trying to establish how many locations this is. Could any organisation that is affected please send the number of agents that they have within the EEA to IAMTN by Thursday August 7.

Source: Leon Issacs, CEO Developing Markets Associates
T: +44 (0) 2077002266
M: +44 (0) 7909938305
E: leon.isaacs@dmassocs.com
W: www.dmassocs.com
W: www.moneymove.org