FCA Urged To Upgrade Register Or Risk Third-Party Fraud ‘Disaster’

Industry groups have warned UK regulators there will be no way of knowing whether third-party fintechs are authorised providers or fraudsters once the revised Payment Services Directive (PSD2) goes live in January.

In a joint consultation response to the Financial Conduct Authority (FCA), four financial sector associations called for its register of authorised firms to be upgraded technologically to give greater clarity over the status of newly authorised third-party providers (TPPs).

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