Open Financial Services Plans Like Open Banking

The Financial Conduct Authority (FCA) is backing open finance, giving consumers more control over their investments, pensions and mortgages.

The regulator said “Sharing client data between financial institutions will benefit consumers and give them more access to advice. 

Open finance will allow new advice and financial support services for mass market consumers making financial decisions and make sharing information with advisers easier.

The FCA has not given details on what open finance will look like but are seeking the industry for their views.   They have said “Consumers will see a Personal Dashboard of all their finances and help them understand their financial position.

Feedback is expected to be published summer of 2020.

Comment

We will be responding to this consultation as it ties in exactly with what we are doing with our Robo Advice proposition.