Open Banking in the UK

Open Banking aims to increase the number of companies that can offer financial services and to enable them to build entirely new ways to manage your money. It was created, in 2016, by the Competition & Markets Authority and the UK’s nine largest providers of personal and business current accounts to change the market for retail banking forever. It aims to do that by creating a single standard which regulated and authorised companies can use to access accounts held by a [...]

PSD 2: Re-authorisation

PSD2 has been implemented in the UK through the Payment Services Regulations 2017(link is external) (PSRs 2017). The FCA had issued a consultation to reflect the Treasury’s new regulations in April 2017. This included some proposals relating to authorisation, and changes to our perimeter guidance to throw further light on the specific types of business and activity that will need to be authorised or registered under PSD2. The FCA had further issued a smaller, follow-up consultation on certain authorisation and registration forms under PSD2 in [...]

Brexit, Single Market and passporting rights

Brexit means United Kingdom is leaving the European Union that effectively means UK will come out of the single market and the customs union. The withdrawal from single market means UK will lose its passporting rights. What is passporting right ? Passporting rights allow UK financial services firms to sell their services and operate across the EEA without significant regulatory barriers. This arrangement gives businesses in financial services to operate in the regulated sector in other EEA states without needing further [...]