OBIE publishes example answers for FCA forms A and B for banks seeking an exemption from the contingency mechanism
The Open Banking Implementation Entity (OBIE), the creator of world-leading interoperable standards and industry guidelines, is pleased to announce the publication of example answers for the FCA’s request for an exemption from the obligation to set up a contingency mechanism. Developed in conjunction with UK Finance, banks can apply for an exemption from the obligation to set up contingency mechanism (using the FCA’s forms A and B) provided they have met the relevant regulatory requirements.
OBIE and UK Finance have worked together to produce a set of example answers to assist banks with their completion of forms A and B. For firms using the OBIE Standards, this is intended to support ASPSPs in the articulation of how their implementation of the OBIE Standard may meet PSD2 requirements. These are for illustrative purposes only and can assist ASPSPs when completing the forms. ASPSPs will need to tailor their responses to their own specific requirements.
With well over 100 banks and third parties now using the Open Banking Standards and Conformance Tools, the OBIE is well placed to provide additional support to Open Banking participants in their implementation of PSD2 regulations but also in developing a vibrant and dynamic open banking ecosystem.
The example answers are available in the OBIE Document Library.
– – – ENDS – – –
For further information, please contact:
firstname.lastname@example.org – for Media enquiries
Open Banking is a new, secure way for customers to take control of their financial data and share it with organisations other than their banks. Open Banking has the power to revolutionise the way we move, manage and make more of our money. For businesses, it is about making the management of cashflow and receiving payments cheaper and easier. Open Banking will make things simpler, faster and more convenient.
Open Banking follows the Competition & Markets Authority (CMA) investigation into the supply of personal current accounts (PCAs) and of banking services to small and medium-sized enterprises (SMEs).
Open Banking was created to enable innovation, transparency and competition in UK financial services. It is tasked with delivering the Application Programming Interfaces (APIs), data structures and security architectures that will enable developers to harness technology, making it easy and safe for individuals and SMEs to share the financial information held by their banks with third parties.
Open Banking will bring substantial benefits. It gives customers and SMEs greater market choice and greater control over their money and associated data, along with better and easier access to new financial services providers in a secure environment.
Notes to Editors:
- The Open Banking Implementation Entity (the “OBIE”, which traded as Open Banking Ltd.) was set up by the Competition & Markets Authority (CMA) in September 2016 to fulfil one of the remedies mandated by the CMA following an investigation into UK retail banking.
- The CMA’s investigation into the retail banking market (whose findings were published in August 2016) concluded that older and larger banks do not compete hard enough for customers’ business and that Open Banking should deliver a new, secure option for customers to be able to compare the deal they are getting from their bank.
- Open Banking was created to enable innovation, transparency and competition to UK financial services. It is tasked with delivering the Application Programming Interfaces (APIs), data structures and security architectures that will make it easy and safe for customers to share their financial records by January 2018.
- The data provided by Open Banking will enable developers to harness technology that allows individuals and businesses to share their financial records held by their banks with third parties.
- The OBIE is a private body; its governance, composition and budget was determined by the CMA. It is funded by the UK’s nine largest current account providers and overseen by the CMA, the Financial Conduct Authority and Her Majesty’s Treasury.
- The 9 mandated institutions (referred to as the CMA9) are: Barclays plc, Lloyds Banking Group plc, Santander, Danske, HSBC, RBS, Bank of Ireland, Nationwide and AIBG.