To ‘avoid disruption to open banking services’, the FCA is proposing to change the regulatory requirements after the transition period comes to an end at 11:00 pm on 31 December 2020 (referred to as Implementation Period (IP) Completion Day) to allow for the use of an alternative form of identification.
The FCA has invited organisations to comment on their proposal. Konsentus has responded stating that it agrees with the proposed changes to Article 34 of the UK-RTS and will endeavour to support ASPSPs in verifying whichever certificate formats are selected and provide them with the UK regulatory data they need to make an informed decision on whether they allow a TPP to access accounts.
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