Emma RadmoreFCA has launched a Call for Input on Open Finance. The concept builds on the principles of open banking and extends it to a wider range of products. FCA has a vision that open finance will allow consumers and businesses to grant access to their data to trusted third party providers to get access to a greater range of products and services, will give them greater control over their data and will allow them better to engage with their finances.
The paper looks at how open banking has worked, and then considers the opportunities and risks the open finance presents and FCA’s role. It contains some use cases, considering current issues that open finance could address, both cross-sector and in specific market sectors and asks a number of questions on which it will value views.
FCA is asking for feedback by 17 March 2020 and will publish a feedback statement in the summer of next year.