Billed as part of consumer-friendly changes to the small print for online banking services, new rules from the Financial Conduct Authority and the Competition and Markets Authority will make financial institutions proactively reveal how often they have had to report major operational and security incidents.
Banks will have to publish the information on their websites in a consistent format, according to the Financial Conduct Authority, while big banks will be expected to reveal the information via an API compliant with the Open Banking Standards specs.
Looking at the Royal Bank of Scotland’ OBS API four public incident reporting metrics are currently in use: total number of incidents reported, incidents affecting telephone banking; incidents affecting mobile banking; and incidents affecting internet banking. The Financial Conduct Authority’s master list of banks’ APIs can be found on its website.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now