FCA asks for proposals on how open finance could transform financial services
Industry News | 17/12/19
The Financial Conduct Authority (FCA) has launched a Call for Input (CfI) on the opportunities presented by so-called ‘open finance’. Open finance builds on the principles of open banking – the sharing of data which provides new ways for customers and businesses to make the most of their money. Open finance would extend those principles to a wider range of products. By making it easier for consumers and businesses to compare price and product features and switch product or provider, open finance could be beneficial in the general insurance, cash savings and mortgage markets. It could help widen access to advice and support, boost efficiencies for businesses and access to credit, and spur innovation.