Mahi Sall, Advisor, Fintech-Bank Partnerships, Payments and Financial Inclusivity
January 25th, 2023
FCA Consultation | Jan 28, 2021
To address these, we’re proposing amendments to our Technical Standards on Strong Customer Authentication and Common and Secure Methods of Communication. We’re also taking this opportunity to amend our guidance on prudential risk management and safeguarding in our Approach Document (AD), and make general updates to a number of areas and onshoring-related changes. We’re also updating our Perimeter Guidance Manual (PERG).
One section of the CP, relating to contactless payments, will close on 24 February 2021. The rest will close on 30 April 2021.
The payments landscape has grown and evolved in recent years, as business models adapt to user needs. The coronavirus (Covid-19) pandemic has accelerated these changes. This consultation will help us make sure regulatory expectations keep pace with the changing landscape.
We want to remove identified barriers to continued growth, innovation and competition in the payments and e-money sector (including open banking), while making the sector more resilient and protecting consumers if firms fail.
Payment service providers (PSPs) and e-money issuers, as well as trade bodies representing them, should read this consultation. Our proposals 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).
It also applies to firms that are subject to the temporary permission regime (TPR) and the financial services contracts regime (FSCR) set out in Schedule 3 of the Electronic Money, Payment Services and Payment Systems (Amendment and Transitional Provisions) (EU Exit) Regulations 2018 (Exit SI). It also applies to Gibraltar firms providing payment services in the UK.
It may be of interest to:
In our 2020/2021 Business Plan, we identified the payments sector as a priority for the next 3 years. Our work intends to make sure: consumers transact safely with payment firms; payment firms meet their regulatory obligations while competing on quality and value; and consumers and SMEs have access to a variety of payment services.
In this consultation paper, we’re also proposing changes to the AD to reflect the UK’s withdrawal from the European Union and the end of the transition period.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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