FCA SPEECH ON PSD2 AND OPEN BANKING

The FCA has published a speech, by Karina McTeague, Director of Retail Banking Supervision, on opportunities offered by the Payment Services Directive (PSD2) and open banking. Highlights of the speech include:

• the FCA has a real interest in the Open Banking Implementation Entity’s successful delivery of the Competition and Market Authority’s open banking application programming interface (API) requirements and wider adoption of APIs by the industry;
• customer communications should be balanced, and not seek to dissuade customers from using third party account information service (AIS) or payment initiation service (PIS) providers through their communications;
• the FCA welcomes the development of industry arrangements designed to facilitate the successful delivery of PSD2 objectives; and
• the FCA will be looking to see that firms’ culture prioritises treating customers fairly, and doesn’t take inappropriate advantage of vulnerable consumers.