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Tuesday, 19 September 2017

FCA Publishes Final Approach and Rules Implementing #PSD2

The FCA has today published its final policy statement on how it will supervise the Payment Services Regulations 2017 (implementing the second Payment Services Directive, or PSD2).

I haven't digested it fully yet, but following earlier consultations, the FCA explains that it has amended its approach in various respects, particularly, its perimeter guidance on the new account information services and payment initiation services, complaints handling and reporting and conduct of business requirements. There is a table summarising the updates on page 6 of the policy statement.

I may post on any significant changes separately.

Further updates will be required when certain regulatory/implementing technical standards (RTS/ITS) and EBA Guidelines are finalised in late 2017 and early 2018, including EBA Guidelines on operational and security risk, and fraud reporting.

In the meantime, various draft application forms for authorisation and reporting have been published, with the final versions to be available for applications from 13 October 2017.  As explained in my earlier post, the FCA recommends waiting until then, even if you are making an application under the current regulations - otherwise it will need to be updated or re-assessed.