FCA agrees to find a route to a period of forbearance, mitigating against serious economic risks that would've hit in September
The CBI worked with UK Finance, the British Retail Consortium, FSB, IOD, Vendorcom and key retail and ecommerce members, to ensure the UK’s Financial Conduct Authority (FCA) fully understood the potential economic impact if they insisted on full regulatory compliance on 14 September.
This is a major lobbying breakthrough on Strong Customer Authentication (SCA) - technical payments measures to tackle online fraud - that were set to cause major economic disruption this year. It had been estimated that an insistence on full compliance on 14 September could have seen about one third of ecommerce transactions declined in the UK.
These standards will apply to card transactions where the customer is not present and for contactless card transactions. These measures are designed to tackle online fraud, but they are shaping up to be complex.
This collaboration secured the FCA’s agreement to find a route to a period of forbearance to mitigate such economic risks. We believe that this strong
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