News

FCA agrees on 18-month plan for SCA implementation

Wednesday 14 August 2019 14:36 CET | News

The UK Financial Conduct Authority has agreed to offer the payments and e-commerce industry extra time to implement Strong Customer Authentication.

The FCA has today agreed an 18-month plan to implement SCA with the e-commerce industry of card issuers, payments companies and online retailers. The plan reflects the recent opinion of the European Banking Authority (EBA) which stated that more time was needed to implement SCA given the complexity of the requirements, a lack of preparedness and the potential for a significant impact on consumers.

Importantly, the FCA said it will not take enforcement action against companies if they do not meet the relevant requirements for SCA from September 14, 2019 in areas covered by the agreed plan, where there is evidence that they have taken the necessary steps to comply with the plan. At the end of the 18-month period, the FCA expects all companies to have made the necessary changes and undertaken the required testing to apply SCA.

The FCA will also continue to monitor the extent to which banks and payment service providers are meeting its expectation that they consider the impact of SCA on different groups of consumers, and provide alternative means of authentication where needed.

The news just a day after The Financial Conduct Authority has announced a 6-month Open Banking adjustment period.


Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: Financial Conduct Authority, Strong Customer Authentication, SCA, PSD2; open banking, e-commerce, TPP, AISP, payments , banking, PSD2 implementation, Europe
Categories:
Companies:
Countries: World





Industry Events