FCA extends SCA deadline for six months amid coronavirus pandemic
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The Financial Conduct Authority (FCA) has extended the deadline for e-commerce businesses to implement strong customer authentication (SCA) in the wake of the coronavirus crisis.
Firms will now have an additional six months to implement the systems, meaning the new deadline of 14 September 2021 will replace the old 14 March 2021 date.
The FCA has said that this will minimise potential disruption to consumers and merchants.
Firms are required to take all necessary steps to comply with the revised detailed phased implementation plan and critical path to avoid the risk of enforcement action.
The FCA has said that it expects UK Finance, as coordinator for the industry, to discuss the detailed phased implementation plan and critical path with all stakeholders and agree it with the FCA as soon as possible.
The watchdog added that in the meantime, firms should continue with the necessary preparatory activities such as robust end-to-end testing.
After 14 September 2021, any firm that fails to comply with the requirements for SCA will be subject to full FCA supervisory and enforcement action.
- Read all of our articles relating to COVID-19 here.
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