01 December 2021

FCA removes 90-day reauthentication for open banking

Written By FinTech Alliance

FCA removes 90-day reauthentication for open banking

The rule that FinTechs must ask permission every 90 days to continue to access customer account data has been scrapped. 

In Brief:

FinTechs no longer have to ask for permission every 90 days to continue to connect through open banking. 

This will impact payment institutions, e-money institutions and more. 

The FCA has outlined the payments sector as a priority in its 2020/21 Business Plan.

What does this mean?

The FCA’s priorities are to make sure “customers transact safely with payment firms; payment firms meet their regulatory obligations while competing on quality and value; and consumers and SMEs have access to a variety of payment services”. 

The move will remove a common friction point FinTechs like e-money institutions and personal finance management (PFM) apps have had to deal with as customers “drop off” from the re-authentication. 

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