UK Banks Face Regulatory Action Over Slow Open Banking Implementation

Banks could be in trouble again with the UK’s competition regulator, after the Open Banking Implementation Entity (OBIE) passed on a file of information on banks that have failed to adhere to the regulator’s roadmap for implementing open banking.

In an effort to forcibly inject competition into the UK banking market, the Competition and Markets Authority (CMA) issued directions to the country’s nine largest retail banks in 2017, ordering them to comply with a timetable of technical measures chiefly designed to facilitate access for third-party providers.

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