As an early Christmas present, the FCA has published its Final Report into retail banking models.
The review into this sector was launched in April 2017, and the FCA published an interim Progress Report in June 2018.
The FCA’s next steps following the review will involve an on-going monitoring of retail banking business models, and analysis to understand the value chain in new payment services business models. The FCA also has identified areas for possible future focus:
- continued access to banking service
- appropriate use of customer data; and
- system resilience and effective prevention of financial crime and fraud.