Article: FCA publishes industry feedback on Open Finance

Money, Open Governance

FCA publishes industry feedback on Open Finance

The call for input, which closed in October 2020, was initially laid out in the FCA’s 2019/2020 business plan and was intended to help drive forward the UK’s adoption of Open Banking, eventually reaching a point when Open Finance would be achieved. The FCA defines Open Finance as the re-use of data supplied and created by customers of financial services by a third-party in a safe and ethical environment to improve financial transparency.

The regulator published its feedback to the 169 market responses that it received, including some key insights on the industry’s attitude towards Open Finance. Cost was among the chief concerns, with respondents signalling that ‘the cost of delivering Open Banking had exceeded what was originally expected,’ and as a result, work needed to be put in place to ensure Open Finance ‘could be delivered at a lower cost.’

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