UK regulator follows Europeans to float additional time for SCA compliance
The U.K. Financial Conduct Authority said it would offer additional time for companies to comply with the Strong Customer Authentication rules that are scheduled to go into effect in September following a limited extension provided last week by the European Banking Authority, according to a statement released by the organization.
The new SCA rules require additional steps be added to point-of-sale purchases in order to confirm customer identity. The new rules would require customers to either use a PIN code or password as an option to having a smartphone or use facial recognition or fingerprint to confirm their identities.
The FCA announced that it would work with industry stakeholders to help make sure everyone was fully ready before it started to enforce the full deadline requirements, which is similar to the position taken by the EBA.
The official deadline for compliance remains Sept. 14, but companies and other entities that provide evidence they are having issues and are working on a mitigation plan will be allowed additional time, according to the regulator.