Consultation launched on the future governance of open banking
The CMA has launched a consultation on the future governance of Open Banking.
From:
5 March 2021
Open Banking is an initiative launched by the Competition and Markets Authority (CMA) in 2017 following its Retail Banking Market Investigation. It allows consumers and SMEs to share their bank account information securely with trusted intermediaries who can then use this information to help them save time and money by finding better products to suit their needs. In turn, open banking aims to place competitive pressure on the larger, established banks who have accounted for over 80% of the current account market for many years.