The EBA published an Opinion and draft Guidelines on the Regulatory Technical Standards on Strong Customer Authentication and Common and Secure Communication. FCA is supportive of the views contained in the EBA Opinion and encourage firms and API initiatives to consider several views.
If the final version of the Guidelines is the same as the published draft, and subject to FCA‘s own consultation process, FCA would expect to comply with the Guidelines.
The RTS set out how third-party providers of account information and payment initiation services (TPPs) and account servicing payment service providers (ASPSPs) should interact and communicate securely to enable TPPs to provide their services to customers with the customer’s consent.
The draft Guidelines clarify how FCA should approach exempting ASPSPs from a requirement to build a contingency access mechanism. Firms can avoid having to build the contingency mechanism if FCA is satisfied that they meet the criteria for exemption in Article 33(6) of the RTS.
FCA plans to consult on changes to its guidance and rules to reflect the RTS, Opinion and draft Guidelines during the summer. This consultation will set out the proposed process and level of information FCA requires from firms to make its exemption assessment.
FCA expects to be able to make assessments from early 2019. As the RTS will apply from 14 September 2019, FCA will aim to respond to firms’ exemption requests promptly.
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