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Britain gives payment firms more time for tougher checks

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Britain gives payment firms more time for tougher checks
FILE PHOTO: A computer keyboard lit by a displayed cyber code is seen in this illustration picture taken on March 1, 2017. REUTERS/Kacper Pempel/Illustration   -   Copyright  Kacper Pempel(Reuters)
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LONDON (Reuters) – Electronic payment firms in Britain will have more time to comply with requirements for extra security checks on online customers, the UK Financial Conduct Authority (FCA) said on Friday.

European Union rules that come into force on Sept. 14 require more than one customer authentication check for online payments in a bid to crack down on fraud.

The FCA said it will work with the industry to come up with a compliance plan and timetable for achieving it.

“We will not take enforcement action against firms if they do not meet the relevant requirements… from 14 September 2019 in areas covered by the agreed migration plan, where there is evidence that they have taken the necessary steps to comply with the plan,” the FCA said in a statement.

The EU’s European Banking Authority said last week that some limited additional time may be needed for some payments firms to avoid unintended negative consequences.

(Reporting by Huw Jones; Editing by Susan Fenton)

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