FCA announce consultation on open finance

The publication of a Call for Input looks to explore the opportunities and risks arising from open finance. It includes some proposed questions for consideration with the FCA looking to hear the views from readers.

Increased use of data and technology is changing how our financial markets work. It has led to greater innovation as new business models and ways for firms to engage with their customers have emerged.

The UK has led on this with the development of open banking – where consumers and small businesses can give access to their payment account data to third party providers to get new services.

Open finance would extend open banking principles to give consumers and businesses more control over a wider range of their financial data, such as savings, insurance, mortgages, investments, pensions and consumer credit. It has the potential to deliver transformative benefits for consumers and open finance participants alike.

The Call for Input is relevant for the following:

• consumers
• banks, building societies and credit unions
• consumer credit firms
• electronic money and payment institutions
• financial advisers
• fintech and innovative businesses
• general insurers and insurance intermediaries
• investment managers
• life insurers and pension providers
• mortgage lenders and intermediaries

The deadline to reply to the Call for Input is 1 October 2020.

Read the Call for Input HERE

Respond to the Call for Input HERE

Alternatively you can respond by email or in writing to:

Tracy-Linn Peters
Strategy & Competition
Financial Conduct Authority
12 Endeavour Square
London
E20 1JN