FCA consultations on Innovation PSD2
Article written by Nicola Anderson, Senior Manager Retail Banking Supervision at the FCA.
Nicola just joined FinTech Scotland on a 1 year secondment.
After a slightly delayed start I’m delighted to have arrived at Fintech Scotland and I’m looking forward to being part of the team there for the next year.
Thanks to Stephen, Mickael and Shery for making me feel so welcome and part of the team. I’ve been out and about most of the week, meeting stakeholders and learning about the work, the innovation, collaboration and general mood of optimism! I’m looking forward to more of the same over the coming weeks and hope to meet many of the Fintech businesses in the next few weeks.
One point of interest has come up this week that I wanted to mention. I’m sure you’re already aware that the FCA has published a couple of consultation papers relevant to Fintech, Innovation and PSD2. Both papers are still open for views or responses, and links to both are attached below. The FCA welcomes input and perspective from interested parties and in particular those with experience on the subject. Through gathering views, next steps and further direction can be shaped in an informed and useful way. You can feed back directly on some or all of the questions posed in each paper.
PSD 2 consultation paper - closes on 12th October. The paper is focuses on:
1. The Regulatory Technical Standards for strong customer authentication and common and secure open standards of communication (SCA-RTS).
2. Domestic implementation before the EBA exemption guidelines are finalised
3. New fraud reporting requirements that will affect the data collected and reported by all PSPs
In addition the FCA is taking the opportunity to update its Payment Services and E-Money Approach Document guidance to reflect other legislative changes and clarify existing expectations based on experience of the regime (eg, of processing applications) since September 2017. These proposed amendments and additions are in Annex 3 of this consultation paper
Global Financial Innovation Network (GFIN) - deadline for responses is 14 October.
This consultation sets out three main functions of the GFIN:
1. Act as a network of regulators to collaborate and share experience of innovation in respective markets, including emerging technologies and business models:
2. Provide a forum for joint policy work and discussions; and
3. Provide firms with an environment in which to trial cross-boarder solutions.
As part of consultation the FCA is seeking views on the mission statement for GFIN, its proposed functions, and where it should prioritise activity.
Do contribute to both or one of the consultations if you can and think it’s relevant to your business.