I have checked my PSU and it works fine. When I turn on the MOBO, the CPU fan, case fans and the psu fan itself turn on for half a second and then turn off.
The PC remains off. The Bios light turns on for a fraction of a second and the debug led as well (for a fraction of a second). I am using a Gigabyte Z87-UD4H mobo and i5 4670K Haswell CPU.