UK: FCA Issues Its Approach to Implementing PSD2

The Financial Conduct Authority (FCA) has published its approach to implementing the revised Payment Services Directive (PSD2). The directive sets out new requirements for payment services providers, promoting innovation and improving customer protection, lowering the costs of associated payment services and enhancing payments transaction security.

The new regime will take effect from January 13, 2018, and brings more services under the scope of the FCA, including "account aggregation services which aim to help consumers manage their finances by bringing all of their bank account data together in one place, and services that allow consumers to make payments in different ways online, without using a credit or debit card".

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