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Wednesday 14 August 2019

Regulator confirms 18 month delay to payments reforms

FCA logoThe Financial Conduct Authority (FCA) has confirmed that it is delaying the UK’s scheduled introduction of Strong Customer Authentication (SCA) for 18 months. The move is to allow the payments industry and retailers more time to prepare and is in response to widespread concerns over a lack of readiness.

The move to multi-factor authentication had been due to come into force on 14 September 2019 as part of the Open Banking reforms borne out of PSD2 (see: Open Banking momentum starts to build). The FCA has today confirmed that no action will be taken against companies that fail to meet the deadline, provided there is evidence they have taken steps to comply. The FCA expects that all companies will have made the required changes and undertaken testing by March 2021.

The FCA’s decision comes roughly a week after the UK’s financial services trade association, UK Finance, submitted its recommendations on a revised timetable (see: Regulator considers 2-year delay to SCA). UK Finance is thought to have proposed the new deadline for the implementation of SCA of March 2021, coupled with a further six-month grace period.

There have been widespread concerns over the UK’s lack of preparedness for SCA and imposing the September deadline could have had a damaging impact on retail trade as a result. As the UK economy slows and the threat of a damaging No-Deal Brexit looms, it appears that common sense has won out. The additional time to prepare for SCA will be welcomed by many in the industry. 

Posted by Jon C Davies at '09:05' - Tagged: payments   OpenBanking  

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