British banks must disclose outages via API, FCA decrees

Friday 17 August 2018 10:12 CET | News

The Financial Conduct Authority has announced it is enforcing new rules that commit banks to publicly reveal the number and frequency of online outages.

Billed as part of consumer-friendly changes to the small print for online banking services, new rules from the Financial Conduct Authority and the Competition and Markets Authority will make financial institutions proactively reveal how often they have had to report major operational and security incidents.

Banks will have to publish the information on their websites in a consistent format, according to the Financial Conduct Authority, while big banks will be expected to reveal the information via an API compliant with the Open Banking Standards specs.

Looking at the Royal Bank of Scotland’ OBS API four public incident reporting metrics are currently in use: total number of incidents reported, incidents affecting telephone banking; incidents affecting mobile banking; and incidents affecting internet banking. The Financial Conduct Authority’s master list of banks’ APIs can be found on its website.

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Keywords: Financial Conduct Authority, online outages, regulation, outage frequency, Competition and Markets Authority, major operational and security incidents, UK, API, Open Banking, Open API
Countries: World

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