Legal issues for the UK consumer finance industry
On 28 January 2020, UK Finance (the industry trade body for the banking industry) published a note on the requirements for ‘strong customer authentication’.
These rules apply in full to card payments in the United Kingdom from 14 March 2021, and from 31 December 2020 in the rest of the European Union.
On 2 September 2019, the UK Financial Conduct Authority published a new webpage on ‘strong customer authentication’ under the Payment Services Regulations 2017.
The webpage provides some useful insight into the FCA’s views on what firms should do, the use of eIDAS certificates and the impact (or not!) or Brexit.