FCA: Why firms should not wait to be pushed on Open Finance

Industry News | 26/06/19

Open Banking has shown how technology can make banking easier and more efficient, but it should be just the start, argues FCA adviser Magnus Falk. You own the data about your use of financial services. Yes, everything: the transaction details, the data collected on usage, the data you give to a provider to offer a quote, you own the lot.

The financial service provider can process your data and, in many cases, has to keep data for a period to support their legal duty to preserve their books and records. However, the data is yours. The tricky bit is using the data you own.
Your ownership rights are clear, however using your asset is tricky. Try asking a bank for the data they have about you and you might get 100 pages of computer print-out. This is not useful.

But Open Banking has shown us the way. By forcing the banks to participate in Open Banking, the Competition and Markets Authority, CMA, has pioneered the way for citizens to make better use of their data, as processed by banks.

Source: FCA Insight