FCA announce consultation on open finance
20 January 2020
12 October 2021
Policy and Public Affairs
The Financial Conduct Authority (FCA) publish a Call for Input to explore the opportunities and risks arising from 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:
- 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.
Alternatively you can respond by email or in writing to:
Strategy & Competition
Financial Conduct Authority
12 Endeavour Square
This document is believed to be accurate but is not intended as a basis of knowledge upon which advice can be given. Neither the author (personal or corporate), the CII group, local institute or Society, or any of the officers or employees of those organisations accept any responsibility for any loss occasioned to any person acting or refraining from action as a result of the data or opinions included in this material. Opinions expressed are those of the author or authors and not necessarily those of the CII group, local institutes, or Societies.