FCA Details Six-Month Enforcement Delay For Open Banking Reforms

The UK’s Financial Conduct Authority (FCA) has formally announced it will hand a lifeline to third-party providers by delaying enforcement of account access rules for six months beyond September’s deadline.

The regulator issued a statement on its website this week confirming that EU-level open banking rules will not be enforced immediately once they take legal effect on September 14, after concerns about the readiness of application programming interfaces (APIs) being built by banks.

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