If you are thinking what the hell is an SCA or a RTS, and do I really need to care or read this? The answer is, on this rollercoaster ride through the horror hall of Covid-19 and the ever changing landscape of fintech, with fraudsters waiting in the shadows to jump out at anytime, can you afford not to? That doesn’t mean that you need to read the whole 16 page document with accompanying appendixes! We’ve distilled the entire FCA paper into a short and easy tea-cup ride experience, without the side effects of nausea or vertigo.
Consultation paper CP21/3 on the proposed changes to RTS (Regulatory Technical Standards) on SCA (Strong Customer Authentication) explores changes to the FCA’s guidance on payment services and electronic money. The FCA are taking this opportunity to amend their guidance on prudential risk management and safeguarding in their Approach Document (AD), and making general updates to the FCA’s Perimeter Guidance Manual (PERG).
The FCA explains that the amendments aim to address barriers to the future success and adoption of open banking as it grows in the UK, as well as supporting competition and innovation in the payments and e-money sector. The amendments will also reflect the UK’s withdrawal from the EU.
The consultation paper will be particularly pertinent to Payment service providers (PSPs) and e-money issuers, as well as trade bodies representing them. The FCA’s proposals will affect credit institutions providing payment services and/or issuing e-money, as well as payment institutions (PIs), e-money institutions (EMIs) and registered account information services providers (RAISPs). The consultation paper may also be of interest to businesses providing payment services under exclusions of the Payment Services Regulations 2017 (PSRs)/Electronic Money Regulations 2011 (EMRs).
The section of the consultation paper relating to contactless payments, will close on 24 February 2021, the rest will close on 30 April 2021.
If you are feeling a sense of FOMO (just to add another acronym in there) and want to read more, click on the links below.
If, on the other hand, SCA, RTS and anything else to do with FCA regulation leave you going WTF, OMG, and you need a TO (Time Out) we are here to KISS (Keep It Simple, Stupid), with our award winning compliance services.
Our services include:
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This popular service is the comprehensive way to ensure your firm remains compliant. Providing you with periodic risk-based compliance reports focused on specific areas of the business, as well as any other ongoing advice or compliance assistance required.
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Providing you with training services specific to your business and activities. With financial regulation constantly evolving, it is imperative that your firm keeps up-to-date with its requirements, including maintaining the competency of staff. Some of the training services we currently provide to businesses include:
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