Miscellaneous Liability of payment service providers for fraudulent transactions The Payment Services Regulations 2017
The Payment Services Regulations 2017 are the main domestic legislation governing payment services in the UK, establishing the rights and obligations of payment service users (including payers and payees) and PSPs - including banks and certain other authorised entities - in relation to payment services. The Payment Services Regulations implemented the requirements of the Second Payment Services Directive and were made under powers in section 2(2) of the European Communities Act 1972. The Payment Services Regulations were amended by the Electronic Money, Payment Services and Payment Systems (Amendment and Transitional Provisions) (EU Exit) Regulations 2018 (2018/1201) using powers under the European Union (Withdrawal) Act 2018 to fix deficiencies arising as a result of the UK’s exit from the European Union.
	Regulation 90(1) of the Payment Services Regulations provides that where a payment order is executed in accordance with the "unique identifier" (defined in regulation 2 of the Payment Services Regulations) provided by the payment service user, the payment order is deemed to have been correctly executed by each PSP involved in executing the payment order, and the PSP is not obliged to provide reimbursement.
	The Financial Conduct Authority (FCA) remains the competent authority for the purposes of monitoring and enforcing regulation 90.