The U.K. Financial Conduct Authority has issued a statement confirming its intended approach to enforcing firms' compliance with EU "strong customer authentication" rules that will apply across the EU from September 14, 2019.
The FCA's guidance follows the issuance of the European Banking Authority's Opinion on 21 June, 2019, which responded to industry questions on the nature of authentication practices that would comply with the EBA's strong customer authentication standards. The EBA confirmed that, where firms were unable to implement acceptable procedures by the September 14, 2019 deadline, national regulators would be entitled to grant firms extra time for implementation, subject to certain conditions. In response, the FCA has confirmed that it will agree a plan for strong customer authentication compliance with stakeholders in the U.K. It will not take enforcement action against firms that do not meet strong customer authentication requirements by the September 14 deadline, provided they have taken the steps necessary to adhere to their plan for compliance.
View details of the EBA's Opinion on strong customer authentication.
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