Consumers Sceptical About Data Sharing Under Open Banking, FCA Says

Consumer hesitancy and confusion about the rapid pace of technological and regulatory change in the payments sector has dominated the UK regulator’s annual overview of the industry.

The UK has been seen globally as a pioneer in open banking, which aims to boost competition and personal financial management by allowing consumers to aggregate account data and initiate payments.

The revised Payment Services Directive (PSD2) has required the country’s banks to open up account access to authorised third-party providers, while a parallel initiative from the Competition and Markets Authority is forcing larger institutions to standardise that process.

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