The head of the UK parliament’s influential Treasury Select Committee has called for a mandatory code of conduct for open banking participants, in a harbinger of further political scrutiny of data handling by third-party providers (TPPs).
Nicky Morgan MP told PaymentsCompliance such a code should be enforced by the Financial Conduct Authority (FCA). The plans go much further than the current tentative push for a self-regulated and voluntary open banking code of conduct.
“A code of conduct for open banking would be a welcome addition to the existing rules and standards covering customer data protection,” said Morgan, whose cross-party committee keeps close tabs on the activities of the FCA.
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