FCA publishes feedback to Call for Input on Open Finance

April 2021

The FCA has published its feedback statement based on 169 submissions received in response to the Call for Input issued in December last year. Open Finance is expected to build on the progress made with Open Banking, allowing consumers and SMEs to access and share their data with third party providers. The expectation is that this will enable third party providers to develop innovative products and services tailored to customers’ evolving needs.

The regulator believes Open Finance has the potential to encourage competition, provide significant benefits to consumers, and help tackle some long-standing harms, but says these benefits will only materialise if firms offer compelling services which are then taken up by consumers who could benefit from them.

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