The APPG on FinTech and APPG on Alternative Lending will be hosting an invite-only roundtable on Open Banking, taking place on Wednesday 31st January from 9:00-10.30am in Westminster.
Open Banking goes live in the UK on Saturday 13th January. From this date, the high street banks will be required to make their customers’ bank transaction data available to 3rd party businesses when instructed to do so by the customer. This is the first major milestone in a multi-year programme to open all payment products to an innovative, new market for financial services. Over time, it promises to revolutionise the way consumers and small businesses use and access financial services.
Open Banking was the main remedy mandated by the Competition and Markets Authority following its investigation into the supply of personal current accounts and banking services to SMEs in 2016. The CMA concluded that banks do not compete hard enough for customers’ business; and that technology should be employed to enable customers to compare and access better deals from new providers.
There are also, of course, major concerns about the potential for data breaches and fraud arising from the changes. The Roundtable will be an opportunity to hear the latest from the Trustee of Open Banking, Imran Gulamhuseinwala OBE, just two weeks after the new services go live; and to raise any concerns about the potential for consumer detriment.
Register your interest here.