UK To Retain eIDAS For Open Banking After Brexit

EU-issued electronic certificates relied upon by third-party providers will still be valid in the UK after Brexit, the Financial Conduct Authority (FCA) has confirmed.

A crucial part of open banking, the revised Payment Services Directive (PSD2) requires third parties to prove their regulatory status to banks to gain access to customers’ accounts. To do so, they are expected to obtain digital certificates issued under the EU’s eIDAS Regulation.

However, UK industry participants raised concerns with the FCA over how that process would work once the UK leaves the EU — particularly in the event of a no-deal Brexit on October 31.

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