What are Payment Services Regulations?

There is a new UK law called the Payment Services Regulations (PSR). This is part of a drive to ensure it's clearer and more straightforward to make and receive payments throughout the UK and Europe. The regulations also help to make sure that you're fully informed about your account. The new law takes effect from 1 November 2009 and our changes will be applied from this date.

The Payment Service Directive applies to every bank in the European Economic Area (EEA), which covers the European Union, as well as Liechtenstein and Norway.

What is the Banking Conduct of Business Sourcebook?

The introduction of the PSR meant that the existing UK Banking Code needed to be reviewed. The Financial Services Authority (FSA) took the opportunity to replace the Banking Code with the Banking Conduct of Business Sourcebook (BCOBS) and this comes into effect on 1 November 2009.

BCOBS is a new set of regulations and industry guidance that will govern the way we do business with you. As far as possible we have taken account of these new regulations in the changes we're making, but the full details haven't been finalised yet. We'll follow BCOBS and the industry guidance that is being prepared for banks and building societies.

What does this mean for you?

You won't notice much difference because we already meet or exceed most of the standards in the regulations. The regulations bring consistent standards for all banks in the UK, including how and when we give you information, you giving us instructions, how long payments should take and what happens when mistakes are made.

Click here to go to our WWS Important Information page for details of our terms and conditions, our banking charges leaflet and a flyer on PSR.

We are also updating the the following terms and conditions and will be making these available here shortly:

  • Sterling Internet Banking
  • Phonebank
  • Cards

We've also put together a list of questions and answers to help you understand the changes (FAQs). If you're still unsure please call us on 08457 301 996 or +44 (0) 20 7839 2099 if you are outside the UK.