Click For Photo: https://regmedia.co.uk/2015/01/03/bank_vault.jpg?x=1200&y=794
The Financial Conduct Authority (FCA) is enforcing new rules that obligate banks to publicly reveal the number and frequency of online outages – including whether these were caused by malicious actors.
Billed as part of consumer-friendly changes to the small print for online banking services, new rules from the FCA and the Competition and Markets Authority will make financial institutions proactively reveal how often they have had to report “major operational and security incidents”.
Move - FCA - Months - TSB - Fiasco
The move was telegraphed by the FCA over the past few months, having begun with the TSB fiasco in April.
Banks will have to “publish the information on their websites in a consistent format” according to the FCA, while big banks will be expected to dish it up via an API compliant with the Open Banking Standards specs.
Squint - Bank - Scotland - OBS - API
A quick squint at the Bank of Scotland’s OBS API (other flavours of moneymen are available) reveals four...
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