UK’s Economic Secretary, Ed Balls, launched a consultation on the Payment Services Directive. Mr Balls calls for “maintaining a proportionate and light touch regulatory environment”. The Directive aims to deliver an EU internal market in payment services. It will harmonise the legal and technical requirements for the provision of payments services and introduces a new EU-wide licensing regime for businesses which offer payment services but which are not licensed as banks or e-money issuers.
The consultation document builds upon cooperation with industry, consumer groups and other stakeholders on the Directive so far. “We will continue to work together to secure the aims of the Directive, whilst avoiding unnecessary administrative burdens”, Mr Balls commented.
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