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Global Payments Newsletter, April 2021 | Hogan Lovells


Surveys and Reports
Regulatory Developments
United Kingdom: FCA publishes feedback statement on Open Finance
Some of the key findings that the FCA draws out in its feedback statement are:
A legislative framework would be needed for open finance to develop fully, both to provide any statutory right to data access and to support a regulatory framework.
In addition to the regulatory framework, the following building blocks would be needed for a sustainable open finance ecosystem to develop – either in support of voluntary adoption or to support future legislation:
consumer protections informed by an ethical framework;
a liability model;
an implementation entity that is funded and governed equitably; and ....

New York , United States , United Kingdom , Republic Of , Saudi Arabia , South Korea , French Republic , Randalk Quarles , Hogan Lovells , Rachel Kent , Kay Swinburne , Al Kelly , Axis Bank , Sales Organisation , Financial Market Authority , Financial Action Task Force , International Settlements , Saudi Central Bank , Monetary Authority Of Singapore , Committee On Payments , Jp Morgan , European Commission Retail Payments Strategy , York Metropolitan Transit Authority , Financial Services Compensation Scheme , Basel Committee On Banking Supervision , Ministry Of Economy ,