Operational Guidelines Overview

¹The full titles of the main documents referenced throughout are:

• EBA Guidelines – Guidelines on the conditions to benefit from an exemption from the contingency mechanism under Article 33(6) of Regulation (EU) 2018/389 (RTS on SCA & CSC).
• PSRs Approach – The FCA’s role under the Payment Services Regulations 2017 and the Electronic Money Regulations 2011 (December 2018 version 3).
• PS RTS Approach – Policy Statement PS18/24: Approach to final Regulatory Technical Standards and EBA Guidelines under the revised Payment Services Directive (PSD2).
• FCA request form – https://standards.openbanking.org.uk/wp-content/uploads/2022/04/contingency-exemption-request-form-2018.pdf

²The decision to grant an exemption from the contingency mechanism is entirely at the discretion of the relevant Competent Authority.

OG Objectives

To provide clarity to ASPSPs to enable them to design effective and high-performing dedicated interfaces while fulfilling their regulatory obligations.

To ensure that TPPs have access to consistently well-designed, well-functioning and high performing dedicated interfaces.

To ensure that consumers and SMEs using TPP services have positive experiences that encourage them to continue to consume open banking-enabled services.

OG Benefits

Exemption support: Support ASPSPs with their application to their NCA for an exemption from providing a contingency mechanism.

Lower Costs: Minimise the potential costs to a business when systems or supporting networks are down (including instances where they have not been tested appropriately).

Reduced Reputational Risk: Protect the reputation of individual participants and the Open Banking ecosystem as a whole.

The Operational Guidelines Checklist

The OG Checklist consolidates the requirements of the FCA Checklist¹ and recommendations of the OG, and helps ASPSPs identify where they are conforming to the OG. Each element of the Open Banking Standard includes aspects which are either one, or a combination, of:

CMA Order: These are required by the Order and only apply to the CMA9 banks as identified in the CMA Order.

PSD2: These are either Mandatory or Optional under PSD2 (Level 1) or RTS (Level 2) texts, according to the interpretation of Open Banking Limited (OBL). Any item considered to be Mandatory under PSD is considered a requirement in the Open Banking Standard. ASPSPs, based on their interpretation of the legislation, should explain their rationale for deviating from the OBL Standard to their NCA when applying for an exemption. (See e.g. Column B of the FCA’s Form B²).

Open Banking Limited (OBL): These are items that Open Banking Limited (OBL) believes would be particularly beneficial for PSUs and TPPs if implemented by ASPSPs based on consultation with a large number of stakeholders.

¹In particular the FCA’s own questions which we refer to as the FCA Checklist from https://standards.openbanking.org.uk/wp-content/uploads/2022/04/contingency-exemption-request-form-2018.pdf which should be read alongside Chapter 17 of the PSRs Approach

²https://standards.openbanking.org.uk/wp-content/uploads/2022/04/contingency-exemption-request-form-2018.pdf

Disclaimer: The contents of the Operational Guidelines (“OG”) and Operational Guidelines Checklist (“OG Checklist”) do not constitute legal advice. While the OG and OG Checklist have been drafted with regard to relevant regulatory provisions and best practice, they are not a complete list of the regulatory or legal obligations that apply to Participants. Although intended to be consistent with regulations and laws, in the event of any conflict with such regulations and laws, those regulations and laws will take priority. Participants are responsible for their own compliance with all regulations and laws that apply to them, including without limitation, PSRs, PSD2, GDPR, consumer protection laws and anti-money laundering regulations.