FCA Payment Services Regulations 2017

01 January 2017

Firms FCA regulate may also carry out activities that are not regulated by either the FCA or the Prudential Regulation Authority (PRA). Complaints or claims about these unregulated activities may not be covered by the Financial Ombudsman Service (FOS) or the Financial Services Compensation Scheme (FSCS). If you are unsure whether an activity undertaken by a firm is regulated by us or the PRA, then you should ask the firm to confirm in writing what protections will be available to you if you need to make a complaint or claim compensation. We want to give an explanation regarding the speculation about the information posted on the FCA website. https://register.fca.org.uk/s/unauthorised-firm?id=001b000000m4IndAAE

Please note that this information is Unauthorised, which means that We do not provide payment services regulated by the FCA. e.g. Accepting deposits, providing credit to consumers, giving investment advice; arranging deals in investments. We are not subject to authorization in the FCA.


To help the government fight the funding of terrorism and money laundering activities, International Banking Law requires all financial institutions to obtain, verify and record information that identifies each person who opens an account or creates a new customer relationship with our financial institution.

What this means for you: When you open an account, we will ask for your name, address, date of birth, and other information that will allow us to identify you. In this time, accounts are available only for new customers with references from our clients. In other words, you cannot open an account in any way without such references.

We provide service only for members of UK cooperative which is our business partner. We not provide any services for general public. To obtain any our service you must obtain cooperative's membership first.

According to SCHEDULE 1 PART 2 to the Payment Services Regulations 2017. Exemptions and exclusions.

More generally, there is a broad range of activities which do not constitute payment services under Schedule 1 Part 2 to the PSRs 2017. Amongst these excluded activities, set out more fully in Annex 3. A firm will be exempt from authorization and registration requirements under the regulations to the extent that its activities fall within one or more of the exclusions in Schedule 1 Part 2 to the regulations. In each case, it will be for businesses to consider their own circumstances and whether they fall within the relevant exclusions.

For more information, or specific requests, please e-mail us on:

Michael Gotsman (legal counsel maintenance VIP clients) for more information please e-mail us on:
+44 74 66 588 174

Payment Services

Activities which do not constitute payment services
2. The following do not constitute payment services—

(h) payment transactions carried out within a payment or securities settlement system between payment service providers and settlement agents, central counterparties, clearing houses, central banks or other participants in the system;

(i) payment transactions related to securities asset servicing, including dividends, income or other distributions, or redemption or sale, carried out by persons referred to in sub-paragraph (h) or by investment firms, credit institutions, collective investment undertakings or asset management companies providing investment services or by any other entities allowed to have the custody of financial instruments;

(k) services based on specific payment instruments that can be used only in a limited way and meet one of the following conditions—

(i) allow the holder to acquire goods or services only in the issuer's premises;

(ii) are issued by a professional issuer and allow the holder to acquire goods or services only within a limited network of service providers which have direct commercial agreements with the issuer;

(iii) may be used only to acquire a very limited range of goods or services; or

(iv) are valid only in a single EEA State, are provided at the request of an undertaking or a public sector entity, and are regulated by a national or regional public authority for specific social or tax purposes to acquire specific goods or services from suppliers which have a commercial agreement with the issuer.