OBIE agrees with FCA's delay to 90-day SCA rule change

Monday 7 March 2022 14:10 CET | News

The UK’s Open Banking Implementation Entity (OBIE) has stated it supports the FCA’s decision to update its guidance on SCA to extend the deadline for adoption of the exemption, according to Open Banking Expo.

The UK-based regulator announced a change to the 90-day re-authentication rule in November 2021, meaning that customers will no longer need to reauthenticate when they access their account information through a third-party provider (TPP). Instead, the FCA said ‘TPPs will be required to obtain explicit consent from customers at least every 90 days’.

In the latest update to its guidance in March 2022, the FCA said that while the regulatory change will still come into force on 26 March this year, ASPSPs will be required to apply the exemption as soon as possible after that date, ‘with a view to the widespread adoption of the exemption by 30 September 2022’.

TPPs will have to be ‘technically ready’ to reconfirm customer consent under Article 36(6) of the SCA-RTS ‘as soon as possible’ after 26 March 2022, according to the FCA’s update. ‘However, they may choose not to reconfirm consent until 30 September 2022, provided that SCA is applied at least every 90 days during that period,’ the regulator added.

The OBIE said it is ‘supportive of these changes which we believe will minimise disruption to consumers and SMEs as the industry prepares to implement these changes’.

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Keywords: FCA, SCA, regulation
Categories: Fraud & Financial Crime
Companies: OBIE
Countries: United Kingdom
This article is part of category

Fraud & Financial Crime


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