There has been a lot of talk in the financial sector surrounding the topic of PSD2; flagging deadlines, the implications of non-compliance and the opportunities open banking presents. But what about the other industries affected by the new regulation? From the charities and even the accountancy firms that now fall under the FCA’s watchful eye? Have they been forgotten about amid the vicissitudes?
In an area which lacks clarity, it’s important for these industries to know they’re not necessarily excluded from the regulation and it equally applies to them.
In relation to the charitable sector in particular, professional digital fundraising and crowdfunding platforms may now need to be authorised or registered by the FCA, after the revised Payment Services Directive (PSD2) came into effect on 13th January 2018.