FCA To Consult On Expanded 'Open Finance' Regime

The UK’s Financial Conduct Authority (FCA) will launch consultations on an “open finance” framework later this year, as the regulator looks to extend open banking beyond only payment accounts.

Although still in its infancy, the UK’s open banking regime now allows regulated third-party providers to access customers’ accounts to aggregate data and initiate payments. It has its legal basis in the EU’s revised Payment Services Directive (PSD2) and a parallel standardisation initiative by competition authorities.

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