FCA Gives Payment Firms More Time For Stricter ID Rules

Law360, London (June 28, 2019, 1:23 PM BST) -- The Financial Conduct Authority said on Friday that it will give payments companies more time to implement stricter European Union rules on authorizing customers, after the watchdog found many are struggling to meet the looming deadline.

The City watchdog said it will keep the September 14 deadline in place, by which time payments companies should be complying with authentication rules under the revised Payments Services Directive, or PSD2. But the FCA said businesses are finding it difficult to implement the so-called strong customer authentication guidelines, so it will not take action against lenders that do not meet the rules.

The regulator...

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