Bank or building society

PSD2 introduces a number of changes. The Treasury has implemented these through the PSRs 2017 and the FCA has published its Policy Statement and Approach Document. Banks and building societies must comply with these regulatory changes from 13 January 2018.

While banks and building societies do not need to apply for re-authorisation under PSD2 they are still required to comply with certain PSD2 requirements, such as those relating to Conduct of business (Chapter 8 in our Approach Document), Complaints handling (Chapter 11 in our Approach Document), Reporting and notifications (Chapter 13 in our Approach Document) and Access to payment account services (Chapter 16 in our Approach Document).

Please also familiarise yourself with the relevant parts of the FCA Handbook which are changing, including SUP 15,* SUP 16,* DISP,* BCOBs* and SYSC*. The Handbook is amended by the Payment Services Instrument 2017 and you can see the revised Handbook on our Handbook website by setting the date to 13 January 2018.

All banks and building societies also need to comply with requirements relating to AIS and PIS providers seeking access to their customers’ online payment accounts (Chapter 17 in our Approach Document).

If you have any questions, you can contact us.

Answer the following question to understand more about what you need to do to meet new PSD2 requirements:

Do you intend to offer account information services (AIS) or payment initiation services (PIS) from 13 January 2018?

Please select:

1. Please notify the FCA before doing so. Use the SUP 15 Annex 4 form and return by email to an address for your usual supervisory contact at the FCA. Certain firms which are carrying on AIS or PIS before 13 January 2018 may be able to notify us at a later date. You should check PERG 15* and our Approach Document to determine whether you could fall within these transitional provisions (PERG 15 is amended by the Payment Services Instrument 2017 and you can see the revised PERG on our Handbook website by setting the date to 13 January 2018).

2. Banks and building societies providing AIS or PIS should familiarise themselves with the requirements which apply to all AIS or PIS providers (Chapter 17 in our Approach Document).

No action required.