We are publishing a Call for Input to explore the opportunities and risks arising from open finance. We want to understand what is needed to ensure open finance develops in the best interests of consumers, and what role we should play.
Increased use of data and technology is changing how our financial markets work. It has led to greater innovation as new business models and ways for firms to engage with their customers have emerged.
The UK has led on this with the development of open banking – where consumers and small businesses can give access to their payment account data to third party providers to get new services.
Open finance would extend open banking principles to give consumers and businesses more control over a wider range of their financial data, such as savings, insurance, mortgages, investments, pensions and consumer credit. It has the potential to deliver transformative benefits for consumers and open finance participants alike.
Who this applies to
This CfI will be of interest to:
- banks, building societies and credit unions
- consumer credit firms
- electronic money and payment institutions
- financial advisers
- fintech and innovative businesses
- general insurers and insurance intermediaries
- investment managers
- life insurers and pension providers
- mortgage lenders and intermediaries
Background to this Call for Input
In our 2019/2020 Business Plan we committed to leading the public debate on open finance and to setting up an advisory group to help drive forward our future strategy. The advice of this group, which comprises industry experts, consumer and business representatives, academics and government departments, has informed our Call for Input and is published alongside this paper.
This Call for Input has now closed. We've published the responses in our feedback statement.