FCA Opens its Doors to Open Banking

The Financial Conduct Authority has announced that, as from 1 October, businesses can apply for authorisation as third party providers (TPPs) under PSD2.

This means that businesses can apply to be authorised or registered under the Payment Services Regulations 2017 (the 'PSRs' - are the UK  regulations which implement PSD2), or the Electronic Money Regulations (EMRs) as amended by the PSRs 2017.

Firms already authorised or registered under the PSRs 2017 or the EMRs can also submit applications for re-authorisation or re-registration from today. Authorised payment institutions, authorised e-money institutions and small e-money institutions must submit an application by 13 April in order to continue providing payment services or issuing e-money beyond 13 July 2018. Small payment institutions must do this by 13 October 2018 in order to continue providing payment services beyond 13 January 2019.

It can take up to 3 months to determine an application but could take up to 12 months if an application is not complete. The FCA will have its work cut out, therefore, to get all the new applications processed in time for businesses to start operating from the PSD2 kick-in date of 13 January 2018.

Further information on the FCA's approach to regulating firms under PSD2 cqn be found in their PSD2 Approach Document and Policy Statement.

To help businesses identify the key changes that are relevant to them resulting from PSD2, the FCA has also launched the PSD2 Navigator. The online decision tool directs firms to relevant information and details of what they need to do to be PSD2 compliant.

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