The following Financial Services practice note provides comprehensive and up to date legal information covering:
BREXIT: The UK is leaving EU on Exit Day (as defined in the European Union (Withdrawal) Act 2018). This has an impact on this Practice Note. For further guidance on the impact of Brexit on payment services regulation, see Practice Note: Impact of Brexit: Payment services and electronic money directives—quick guide.
Despite great technological advances in the retail banking sector over the last few decades, from telephone and online banking, it is arguable that the traditional retail banking business model has remained broadly unchanged.
While an increasing number of customers have migrated from branch banking to new channels, retail banking is still a simple model of deposit taking and money lending. The ‘closed’ retail banking system has also consistently retained ownership of customers and, crucially, their data.
However, recent legal and regulatory developments have given rise to the concept of ‘Open Banking’. These developments, which were launched in the UK simultaneously on 13 January 2018, are:
the implementation of the recast European Payment Services Directive (Directive 2015/2366/EU) (PSD2)—PSD2 replaced the original Payment Services Directive. PSD2’s scope is broader than the PSD and covers two types of third-party providers (TTPs), namely payment initiation service providers (PISPs) and account information service providers (AISPs)
the Competition and Market Authority’s (CMA) ‘Open Banking remedy’—in August 2016, the CMA published its final report on
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