SUP 15C.2 Request for exemption from the obligation to set up a contingency mechanism (Article 33(6) of the SCA RTS)

Account servicing payment service providers that opt to provide a dedicated interface under article 31 of the SCA RTS may request that the FCA grant an exemption from the obligation in article 33(4) to set up a contingency mechanism. The exemption will be granted if the dedicated interface meets the conditions set out in article 33(6).

Account servicing payment service providers are encouraged to discuss an exemption request with their usual supervisory contact as early as possible, and before submitting the form in SUP 15C Annex 1D.

The EBA issued the 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 and CSC) (EBA/GL/2018/07) on the 4 December 2018. The Guidelines clarify the requirements account servicing payment service providers need to meet to obtain an exemption and the information competent authorities should consider to ensure the consistent application of these requirements across jurisdictions. The FCA provides further guidance on making an exemption request in chapter 17 of the FCA’s Approach Document.

Account servicing payment service providers should make every effort to comply with the EBA’s Guidelines on the conditions to be met to benefit from an exemption from the contingency mechanism under article 33(6) of the SCA RTS.