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<p>The Strong Customer Authentication Regulatory Technical Standards (“the SCA RTS”),
which are intended to reduce fraud and increase payments security, came into force
on 14 March 2018 in EU law. The majority of its provisions will apply from 14 September
2019, and will apply in full in the UK.</p><p> </p><p>The EU (Withdrawal) Act (“the
Act”) will bring into UK law all directly applicated EU regulations which are operative
at exit day, as defined by the Act, or at the end of the proposed Implementation Period
if the withdrawal agreement reached between the Government and the EU is ratified.
This includes operative Regulatory Technical Standards (RTS). The Act also permits
ministers to make amendments which correct deficiencies in these regulations, if that
is necessary to ensure they operate effectively in the UK.</p><p>The Financial Regulators’
Powers (Technical Standards etc.) (Amendment etc.) (EU Exit) Regulations 2018, made
under the Act, delegated responsibility for fixing deficiencies in the SCA RTS to
the FCA. Under the Electronic Money, Payment Services and Payment Systems (Amendment
and Transitional Provisions) (EU Exit) Regulations 2018, the FCA is also the competent
authority for the SCA RTS after EU Exit.</p><p> </p><p>The FCA consulted on its approach
to the SCA RTS after the UK has left the EU (see CP18/44, published on 19 December
2018). It proposes to substantially maintain these technical standards in UK law,
to support consumer protection and to provide firms with certainty and clarity about
the systems they have been building.</p>
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