September 17, 2018

FCA, in CP18/25, is consulting on the new rules and guidance to implement the revised Payment Services Directive (PSD2). CP18/25 focuses on the regulatory technical standards for strong customer authentication and common and secure open standards of communication (SCA-RTS). It proposes changes to reflect final regulatory standards on security and new fraud reporting requirements that were published by EBA. It also proposes new complaints reporting rules about authorized push payment (APP) fraud. Comments are requested by October 12, 2018.

Most of the SCA-RTS provisions have to be applied by firms from September 14, 2019. The SCA-RTS seeks to increase the security of customer payments and sets out new rules that affect open banking services. In June 2018, EBA published an additional Opinion and Draft Guidelines on SCA-RTS while FCA issued a statement in response. FCA is now consulting on the proposed approach to  SCA-RTS and implementation of the guidelines that set out an exemption process for banks and other account providers building interfaces for third-party providers engaged in open banking.

FCA is also consulting on the new fraud reporting requirements that will affect the data collected and reported by all payment service providers. In June 2018, FCA consulted (via CP18/16) on requiring payment service providers and credit unions to handle complaints when they have received funds as a result of the APP fraud. FCA is now proposing to require these firms to record and report data on complaints about APP fraud. Finally, FCA is also proposing to update the Payment Services and E-Money Approach Document guidance to reflect other legislative changes and clarify the existing expectations, based on the experience of the regime since September 2017. The proposed amendments and additions have been included in Annex 3.

 

Related Links

Comment Due Date: October 12, 2018

Keywords: Europe, UK, Banking, PMI, PSD2, CP18/25, Regulatory Technical Standards, SCA-RTS, EBA, FCA

Related Articles
News

APRA Releases Minor Changes to Reporting Standards on SA-CCR for Banks

APRA released minor changes to the three reporting standards for the standardized approach for measuring counterparty credit risk exposures (SA-CCR).

May 22, 2019 WebPage Regulatory News
News

APRA on Industry Self-Assessments into Governance and Accountability

APRA released an information paper analyzing the self-assessments performed by 36 of the country’s largest banks, insurers, and superannuation licensees in response to the final report on the Prudential Inquiry into the Commonwealth Bank of Australia (CBA).

May 22, 2019 WebPage Regulatory News
News

APRA Proposes to Amend Guidance on Residential Mortgage Lending

APRA is consulting on revisions to the prudential practice guide APG 223 on residential mortgage lending in Australia.

May 21, 2019 WebPage Regulatory News
News

IASB Proposes Improvements to IFRS 9 and IFRS 16

IASB published the exposure draft ED 2019/2 that proposes amendments to four IFRS standards, including IFRS 9 on Financial Instruments and IFRS 16 on Leases.

May 21, 2019 WebPage Regulatory News
News

ESAs Amend Technical Standards on Mapping of ECAIs Under CRR

ESAs published a second amendment to the implementing technical standards on the mapping of credit assessments of External Credit Assessment Institutions (ECAIs) for credit risk under the Capital Requirements Regulation (CRR).

May 20, 2019 WebPage Regulatory News
News

OCC Consults on Information Collection for Home Mortgage Disclosures

OCC is soliciting comment on the revision of the information collection titled “Regulation C—Home Mortgage Disclosure.” OCC also notes that it has sent the collection to OMB for review.

May 20, 2019 WebPage Regulatory News
News

OCC Report Examines Key Risks for Federal Banking System

OCC published the Seminannual Risk Perspective for Spring 2019.

May 20, 2019 WebPage Regulatory News
News

ESMA Updates the List of Guidelines Under Its Mandate in May 2019

ESMA updated the overview of guidelines published under its mandate, with information and links to the related documents.

May 20, 2019 WebPage Regulatory News
News

EIOPA Updates Q&A on Regulations in May 2019

EIOPA published additional questions and answers (Q&A) on guidelines, directives, and regulations applicable to insurers in Europe.

May 17, 2019 WebPage Regulatory News
News

FSB Publishes Update on Meeting of RCG for Americas

FSB published a summary of the meeting of its Regional Consultative Group (RCG) in Americas.

May 17, 2019 WebPage Regulatory News
RESULTS 1 - 10 OF 3108