Open Banking is the UK’s implementation of the EU’s revised directive on payment services, which was introduced in 2015. UK regulated banks are required to let customers share their financial data, including spending habits and regular payments, with budgeting apps or other banks.
The Competition and Markets Authority recently launched a consultation on the future of Open Banking and what oversight and governance should be put in place. Barclays has bemoaned the fact it has had to fork out a significant amount of money on Open Banking, the Telegraph reported. HSBC also called for a shake-up of the rules and big banks should have the ability to ‚encourage cost discipline that has not existed to date’.
Figures from the bank lobby group UK Finance show the UK’s nine biggest lenders were asked to contribute GBP 26 million to the promotion of Open Banking reforms in 2021.
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