The FCA’s PS26/2 introduces stricter incident reporting obligations for payment firms from March 2027.
The FCA’s Policy Statement PS26/2 has introduced new rules that give firms a standardised process for reporting relevant operational incidents, define what constitutes an operational incident, and set out thresholds for firms to assess which incidents to report. The EBA Operational Incident Reporting guidelines will be disapplied. Payment service providers (PSPs) are classified as enhanced reporting firms, meaning they are subject to a more detailed, phased reporting regime rather than the simplified single-form process available to most other FCA-regulated firms. The new framework applies from 18 March 2027, giving firms 12 months to prepare for compliance. It’s important that PSPs understand the key obligations, the risks of non-compliance, and the practical steps PSPs should be taking now.
