CMA issues directions to five banks following Open Banking delays

Industry News | 02/04/19

The Competition & Markets Authority (CMA) has issued Directions to five banks in respect of the Retail Banking Market Investigation Order 2017. These Directions relate to delays in delivering certain aspects of the Open Banking programme, in particular with regard to mobile app functionality. Whilst it is recognised that four of the mandated banks have met the deadline, the Implementation Trustee of OBIE has recommended to the CMA that Directions are issued to those banks who have missed the agreed deadlines, and that enforcement processes are put in place.