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The new PSD2 legislation: an opportunity to be a forerunner in the fast-changing financial market
PSD2, with a drop dead date of 13 January 2018, required all banks to ‘open up’ access to their payment facilities and account information. The new legislation allows consumers to share information the banks hold on them with any number of FCA approved third parties, typically financial institutions or enterprises offering new and exciting products and/or services. This means open banking will become the 'norm' and it’s important to be ready.
With the over-saturation of information on PSD2 Moneyhub is increasingly being asked to provide advice on how best to negotiate the new legislation. So, we’ve produced a simple concise publication that will offer information and advice to all those affected by PSD2. We don’t want anyone to miss out on understanding the key pieces of legislation, dates and milestones as well as the incredible opportunities PSD2 offers everyone - consumers and businesses both benefit from this legislation. This publication details how to be prepared for PSD2, what it will change for businesses and consumers, and ultimately how to best make use of it so as to maximise its potential in a fast-changing market.
Time is of the essence. A business that has been providing perfectly legal services up until now could be breaking the law if it has failed to register with the Financial Conduct Authority (FCA), and ignorance can not be used as a form of defence. Therefore, this publication will not only help provide advice on how to remain the right side of the law (if you aren’t sure) but also how best to make use of this most excellent change.