18th January 2016
The APPG on FinTech held its roundtable on the Future of Open Banking with the Competition and Markets Authority (CMA) on 18th January in Westminster.
In August 2016, the CMA published the final report from its market investigation into the retail banking sector. Central to the CMA’s remedies are measures to ensure that customers benefit from technological advances and that new entrants and smaller providers are able to compete more fairly.
The key measures, which will benefit personal and small business customers, include a requirement that banks implement Open Banking by early 2018, to accelerate technological change in the UK retail banking sector.
As such, the CMA sought to engage with the APPG to explain its remedies, talk through the implementation, and hear the views and thoughts of its members.
See below for the minutes from this discussion and slides presented by the CMA.