Welcome to our roundup of the best news and opinion on PSD2 from the last week.
HM Treasury publishes response to PSD2 consultation – Burges Salmon
An overview of the key regulatory changes that UK Government’s response to PSD2 feedback will bring. Most relevant for open banking is that AISPs and PISPs operating since before 12 January 2016 will be able to continue their activities until the Regulatory Technical Standards come into force on January 13th 2018 – at which point they will need to seek authorisation from the FCA.
Neobanks and TPPs are helping to make saving and budgeting ‘easy and fun’ – and one route for banks to compete could be to ‘build a lifeboat’ by creating an in-house startup (we discussed this idea here).
A primer on the philosophy behind open banking – and why major banks’ reluctance to share more with third parties than they are obligated to represents an opportunity missed.
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