![]() As the vision for open finance evolves, it’s crucial that we ensure the industry has the space and right environment to help develop concept into reality. It’s why we’ve included Open Finance in our 2019-2020 Business Plan, and why we’ve taken such a proactive approach in engaging with industry on what it could look like in practice. The potential for Open Finance underpins its appeal to firms, consumers (and regulator) alike. And speaking to a group of individuals who are thinking intensely about what Open Finance technology can deliver for UK financial services, I’m sure you’ll agree, that’s just the tip of the iceberg. It has the potential to improve the way consumers and small and medium-sized enterprises (SMEs) manage their finances, to improve the way firms interact with each other and with their customers, and to transform the face of competition in financial services markets. But if they can develop in the right framework, these trends could provide significant benefits to the financial services sector.Īmongst the wide set of solutions offered by concepts like data portability and Digital ID, Open Finance is emerging as one of the key avenues to realising these benefits. These are all factors which, handled incorrectly, could pose significant harm to markets, consumers and enhancing competition in the interest of consumers. It’s no small task to predict the future of financial services, particularly in the current climate of uncertainty, but there are certainly key themes that we can and should be aware of. ![]() I’d also like to touch on some of the challenges we observe, some of which are already materialising, others on the horizon, and the possible solutions to those challenges. Open Finance is an area of significant interest to the FCA, and today I’d like to highlight the opportunities it provides businesses, consumers and the regulator. ![]() We want Open Finance to develop in a competitive environment where the right incentives exist for all players to participate, and which delivers good outcomes for consumers.Open Finance is part of a broader data-sharing initiative and will require coordination and consistency across sectors.Open Finance has the potential to improve access within Financial Services, and could substantively change the nature of competition.Note: this is the speech as drafted and may differ from the delivered version Highlights Speaker: Sheldon Mills, Director of CompetitionĮvent: The Investments and Savings Alliance (TISA) Open Finance Conference ![]()
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