FCA To Scrutinize Industry Progress On EU Payment Rules

Law360, London (August 21, 2019, 12:44 PM BST) -- The Financial Conduct Authority has told chief executives at payments companies that it will check as often as every month to ensure they will be ready to implement European rules designed to prevent account fraud, after the watchdog extended the compliance deadline to March 2021.

The City watchdog said on Tuesday that it will hold monthly meetings with the largest payment companies, including Barclaycard and American Express. It will see smaller regulated businesses every six weeks to monitor their progress on complying with so-called strong customer authentication rules.

The SCA rules are due to be rolled out by Sept. 14. But...

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