FCA Agrees To Six-Month 'Transition Period' On Open Banking Reforms

The UK’s Financial Conduct Authority (FCA) has decided to give banks and third-party providers an additional six months to meet incoming requirements on account access, after concerns that a lack of readiness could cause considerable damage to fintechs’ operations.

The FCA wrote to industry groups late last week setting out plans for an “adjustment period” on open banking beyond September 14, the date on which regulatory technical standards on strong authentication take effect across the EU.

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