The FCA has today (17th December) introduced a call for input (CfI) on the opportunities presented by ‘Open Finance’.
It is believed that Open Finance — which builds on the principles of Open Banking – could help to increase access to advice and support in sectors such as the mortgage markets.
The FCA has set up an advisory group to help drive forward its future strategy.
The group comprises industry experts, consumer and business representatives, academics and government departments.
The FCA is seeking feedback to the CfI by 17th March 2020 and will publish a feedback statement in summer 2020.
Christopher Woolard, executive director of strategy and competition at the FCA, said: “We want to understand how Open Finance can develop to best meet consumers’ needs and enhance competition in the interests of consumers.”
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