UK Financial Conduct Authority announces delay in Eu’s new online payment rules

Under the latest European Banking Authority rules, to reduce fraud, a new layer of verification will be required for online payments and the requirements will be implemented in September.

In June, the EBA rejected a request to extend the grace period on the continent, but agreed that different national regulators would set a grace period for local institutions on a case-by-case basis.

The Financial times recently reported that the Financial Conduct Authority had asked UK Finance to set up a specific payment supervisory replacement timetable.

Details of the plan have been approved by major financial and sales industry groups and were submitted to the FCA for review last Friday.

Under the plan, the UK payments authority will have most of the technical requirements in place by March 2021 and complete more advanced certification Settings within the next six months.