FCA advises providers of AIS and PIS to apply for authorisation under PSD2

On 14 November 2017, the FCA sent an email to businesses, including firms providing account information services (AIS) or payment initiation services (PIS) advising them to apply for authorisation or registration, under the revised Directive on payment services in the internal market (PSD2), before 27 November 2017.

Although majority of the regime will apply from 13 January 2018, the registration or authorisation process can take up to 3 months to complete (or up to 12 months if an application is not complete).

The FCA has warned firms that a failure to be registered or authorised in time means that businesses may need to cease carrying on regulated activities.

Further information on PSD2 can be found on the FCA’s website.