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: