FCA Consults on Approach to SCA-RTS and EBA Guidelines Under PSD2

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

• Press Release
• CP18/25 (PDF)

Comment Due Date: October 12, 2018

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