Buckinghamshire, UK,- Specialist UK provider of foreign exchange and international payment solutions Pure FX, have welcomed the introduction of Payment Service Regulations (“the PSR”), which came into effect on 1 November, 2009, and provide new benefits and protection to banking and money transfer customers.
Under the new rules, regulated by the Financial Services Authorities (FSA), the way in which direct debits and money transfers to both UK and foreign bank accounts have changed, to ensure that customers have clearer information in advance of any transactions and that the onus is on financial institutions should a transaction be made in error.
Although the new regulations came into force on 1 November, companies established before 2007 have until July 2010 to implement procedures in line with the new rules. Although Pure FX could have taken advantage of this transition period, as a reputable, client-focused company, the firm was authorized by the FSA as a payment services provider on the very first day of November.
“We are delighted that these new regulations have come into force as they provide customers with more protection and clearer information about transferring foreign currency,” comments James Roberts of Pure FX. “As we were established before 2007 we could have taken advantage of the transition period before we complied, but as we completely support the new rules it was logical for us to comply and achieve authorisation from 1 November.”
For more information about Pure FX and their full range of currency exchange services, visit www.purefx.co.uk or call 01494 671800.
