October 24, 2021

Volume XI, Number 297

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October 22, 2021

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Payment Services Regulator Requires Change to Direct Debit Rules Regarding Switching Facilities Management Providers

The Payment Services Regulator (PSR) has published its decision to require the operator of the Bacs payment system, of which the Direct Debit scheme is a part, to change its rules to help clients switch Facilities Management (FM) service providers.

Direct Debit FM service providers enable organisations which aren’t specifically approved or sponsored as Bacs service users to nevertheless use Direct Debits to collect money from customers.  The PSR was concerned that the current rules regarding switching FM service providers effectively raised significant cost barriers, thereby creating a risk to competition in this market.

Copyright © 2021 Womble Bond Dickinson (US) LLP All Rights Reserved.National Law Review, Volume VII, Number 354
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About this Author

Roseyna Jahangir attorney Womble London
Attorney

Roseyna is a member of the financial services team. She works with clients ranging from banks and insurers to new entrants to the markets and companies for whom financial services are non-core activities; she assists clients in achieving their commercial objectives while operating within and complying with the applicable regulatory requirements. 

Roseyna provides practical advice and assistance on a broad range of financial services issues, including the requirements of the Financial Services and Markets Act and the Consumer Credit Act and...

+44 (0)20 7788 2377
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