|
'Open banking' rules already allow payment companies and other
providers to use account data, with customer consent, to offer
rival services and has opened the door to payments services for
many financial technology or "fintech" firms.
The Financial Stability Board, a global regulatory body, has
said that Big Tech companies like Google, Alibaba and Facebook
could be forced to share data on financial services customers
with banks and fintechs to prevent unfair competition.
Britain's FCA said on Tuesday that going a step further with
open finance could set up "dashboards" to help consumers keep an
eye on their finances, encourage shopping around for better
deals, and become a means to obtain financial advice.
"We want to understand what is needed to ensure open finance
develops in the best interests of consumers, and what role we
should play," it said in a statement.
The FCA said there have been several instances of unfair price
discrimination on longstanding consumers in general insurance,
cash savings and mortgage markets.
"In each of these markets, the impact of price discrimination
has been exacerbated by a lack of shopping around by some
consumers. Open finance is a potential long-term solution," the
FCA said.
The British watchdog opened a "call for input" until March 2020,
after which it will publish a feedback statement, and gave
examples of where data could be shared:
(Reporting by Huw Jones; Editing by Alexander Smith)
[© 2019 Thomson Reuters. All rights
reserved.] Copyright 2019 Reuters. All rights reserved. This material may not be published,
broadcast, rewritten or redistributed.
Thompson Reuters is solely responsible for this content.
|
|
