Payment

As we await the final rules and guidance from the FCA following its consultation through CP18/25 (the consultation period on which closed on 12 October 2018), we take the opportunity to summarise some of the FCA’s key proposed changes on the final pieces of the PSD2 puzzle, namely: fraud reporting, notification and reporting changes, the exemption from contingency measures as PSPs gear up to designing, developing and testing their dedicated TPP interfaces and strong customer authentication and applicable exemptions.

Under current rules, there is no difference for euro area consumers or businesses whether they carry out euro transactions within their own country or with another country in the eurozone.
In March 2018, the European Commission presented a proposal to extend this benefit to non-eurozone countries. This would allow all consumers and businesses in the EU to fully reap the benefits of the Single Market when they send money, withdraw cash or pay for something abroad.
So where has this proposal got to, and what would it mean for PSPs, particularly in light of the UK’s withdrawal from the European Union on 29 March 2019?