On 10 April 2018, the FCA published a speech by Karina McTeague (Director of Retail Banking Supervision, FCA) entitled Payments after PSD2: evolution or revolution.

Highlights in the speech include:

  • customer communications should be balanced, and not seek to dissuade customers from using third party account information service or payment initiation service providers through their communications or terms and conditions;
  • the FCA welcomes the development of industry arrangements designed to facilitate the successful delivery of PSD2 objectives (including voluntary guidelines and dispute management system);
  • the FCA will be looking to see that firms’ culture prioritises treating customers fairly, and does not take inappropriate advantage of ill-informed, naïve or vulnerable consumers; and
  • whilst the PSD2 related Regulatory Technical Standards on strong customer authentication and common and secure communication aren’t expected to come into force until the second half of 2019, the FCA and HM Treasury have jointly set out expectations that firms should adhere to the principles of safety and security from 13 January 2018.