FCA consults on PSD2 SCA-RTS approach

As part of its implementation of PSD2, the FCA has published a consultation on  matters relating to the Regulatory Technical Standards for strong customer authentication and common and secure open standards of communication (SCA-RTS) (CP18/25).

Most of the SCA-RTS provisions come into effect from 14 September 2019, and certain provisions relate to measures that regulators must take.  Accordingly the FCA is consulting on consequential rules and directions, and changes to its Payment Services and E-Money Approach Document.

CP18/25 also covers proposals for a number of related matters:

• domestic implementation of conditions to be met to benefit from an exemption to the requirement to have contingency measures for access to customer payment accounts;
• new fraud reporting requirements that will affect the data collected and reported by PSPs; and
• updates to the Approach Document to reflect legislative changes and practical expectations, based on experience of the PSD2 regime to date.

The consultation closes on 12 October 2018.  The FCA anticipates that it will accept applications for exemption from the contingency measures requirement from January 2019.