Question to the HM Treasury:

To ask Mr Chancellor of the Exchequer, how many applications from Account Information Services Providers in the UK to become registered as a Registered Account Information Service Providers have been accompanied by a personally identifiable information policy in a form considered acceptable by the Financial Conduct Authority; and how many such insurance policies have been rejected by that authority on the grounds of not meeting PSD2 requirements or otherwise not being acceptable.

The Financial Conduct Authority (FCA) is conducting an ongoing registration and authorisation process for Open Banking Account Information Service Providers and Payment Initiation Service Providers.

To date, 29 applications to be registered as an Account Information Service Provider have been received by the Financial Conduct Authority. As the Payment Services Regulations do not come into effect until 13 January 2018 it is not possible to formally approve applications before that date.

Of the applications received to date, a number have been accompanied by a PII policy. Consideration of PII policies, and whether they meet the requirements of registration, are part of the ongoing assessment of these cases.