UK regulator asks for proposals on how open finance could transform financial services

18 decembrie 2019

The Financial Conduct Authority (FCA) has today 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.”, according to the press release.

The CfI will launch a discussion on the opportunities and risks arising from open finance, what is needed to ensure it develops in the best interests of consumers, and what role the FCA should play.

Christopher Woolard, Executive Director of Strategy and Competition at the FCA, said:

‘Data and technology are increasingly driving changes in financial markets. As a regulator, we need to understand how this change will shape markets and shape regulation in the future.

We want to understand how open finance can develop to best meet consumers’ needs and enhance competition in the interests of consumers. We also want to understand what role we should play in supporting it.’

The FCA has been leading the public debate on open finance and set up an advisory group to help drive forward our future strategy. The advice of this group, which comprises industry experts, consumer and business representatives, academics and government departments, has also been published today.

The FCA is seeking feedback to the CfI by 17 March 2020 and will publish a feedback statement in summer 2020.

More details about FCA initiative:

  1. Call for Input on open finance
  2. Advisory Group on open finance page

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Gabriela Nistor – director general adjunct BT

Tendinţele pe care le-am remarcat înainte de începerea pandemiei s-au accelerat pe perioada stării de urgenţă. Am văzut acest lucru ca o oportunitate, un tipping point pentru bancă. Post-pandemie nu avem cum sa ne întoarcem la comportamentul financiar pe care îl aveam până în februarie a.c. Relaţia românilor cu online-ul s-a schimbat. In plus, cardul fizic se va dematerializa. Vom asista la o scădere a cererii pentru cardurile fizice, respectiv la o creştere a preferinţei pentru componenta digitală a acestora.”

Sondaj

In 23 septembrie 2019, BNR a anuntat infiintarea unui Fintech Innovation Hub pentru a sustine inovatia in domeniul serviciilor financiare si de plata. In acest sens, care credeti ca ar trebui sa fie urmatorul pas al bancii centrale in 2020?