The policy statement summarises feedback received to the FCA’s January 2021 consultation paper on removing barriers to the success of open banking and sets out the FCA’s response to the comments received. It also contains the FCA’s final rules and guidance which come into force variously on 30 November 2021, and 26 March and 26 May 2022.
In terms of next steps:
- account servicing payment service providers (ASPSPs) offering personal payment accounts in scope of the Payment Account Regulations 2015, equivalent payment accounts held by SMEs and credit card accounts operated for consumers or SMEs will need to have a dedicated interface in place no later than 18 months after the rules come into force;
- ASPSPs are strongly encouraged to apply the new exemption from the obligation to carry out SCA, under Article 10A of the SCA-RTS, as soon as possible after it has come into effect; and
- third-party providers will need to reconfirm customer consent under Article 36(6) of the SCA-RTS no later than 4 months after the rules come into force.