TISA comments on the CMA’s recommendations on the future arrangements for Open Banking and the Joint Regulatory Statement
CMA’s recommendations on the Future oversight of Open Banking
Harry Weber-Brown, CEO of TISA Digital commented on the CMA’s Competition and Markets Authority recommendations on the future arrangements for Open Banking and the Joint Regulatory Statement: “TISA fully supports today’s announcement by the government and regulators. Open Banking has already revolutionised the way we access financial services on an everyday basis so it’s really encouraging to see this commitment into the future of Open Banking.
“We also believe the time is right to be forward looking and move beyond open banking towards open finance, incorporating open savings, investments and pensions (OSIP) in our ambition to provide broad digital access to the full scope of financial services. OSIP would enable FinTechs and other financial institutions to access savings, investment and pensions data via APIs, bringing this kind of data sharing in line with open banking security, data minimisation standards and user experience. As a result, individuals can compare accounts more easily, automatically switch to a better rate, automate their savings or make more informed trade-offs about whether to save, invest, spend, borrow or consolidate.
“We look forward to continuing to work with the government, regulators and the industry to make the UK financial services industry the most pioneering in the world, to ultimately enhance competition and consumer financial wellbeing.”
You can read the CMA’s full response and recommendations for the future oversight and governance of Open Banking here: https://bit.ly/3LeyCJz