FCA consultation on PSD2 authorisation and reporting forms

The FCA has issued a second consultation paper on the implementation of PSD2. This follows one previous consultation paper issued in April 2017, which proposed a general approach to the changes incurred by PSD2. The scope of the current consultation includes new authorisation and registration forms to be used by payment and e-money institutions, as well as new reporting and record-keeping requirements for payment service providers (PSPs).

The current consultation affects existing PSPs and e-money institutions, as well as businesses which are currently not registered or authorised with the FCA and which continue (or intend to continue) payment-related activities; additionally, the consultation may be relevant to consumers who use payment services or e-money.

Chapter 2 proposes changes to reporting and record-keeping requirements for PSPs, to include the requirement for major incident reporting and a proposed rule to ensure that banks and building societies keep records about the volume of their account information service and payment initiation service business.

Chapter 3 offers proposals for six application forms, related to those which were amended by the previous consultation paper in line with European Banking Authority guidelines.

 The FCA asks for responses by 18 August 2017.