UK Finance response to FCA Call for Input: Open finance

We welcome the opportunity to respond to this Call for Input. Open Finance is a key initiative as part of a wider move to an Open Data Economy that offers great opportunity for customers and the economy. Through Open Banking and regulatory intervention, the UK is already part way on that journey and the key challenge now is to nurture commercial developments and coordinate with broader open-data initiatives. Industry is well placed to deliver the next wave of innovation. To help foster this this phase UK Finance would encourage the FCA to:

  • Work with industry on a timeline of activity.
  • Conduct a post-implementation review of Open Banking.
  • Conduct a review to establish which gaps should be completed and filled with appropriate legislation.

UK Finance would also welcome the opportunity to play a role in assisting the FCA and wider industry in establishing how the proposed set of principles should be developed, and the opportunity to participate in the Advisory Group on Open Finance.

01.10.20

Consultation Responses