Experts say expanding open banking rules would save customers thousands

14/08/2023 | City A.M.

Experts have suggested that regulators should expand open banking rules "systematically" to save customers thousands of pounds across various financial products. Currently, many financial products are outside the framework for data sharing, which has mainly focused on current accounts. Innovate Finance's director of policy, Adam Jackson argued that the next step for open banking is to move into payments. The Payment System Regulator is currently leading a working group to look at implementation plans for open banking payments. With changes to legislation being debated under the Data Protection and Digital Information (No.2) Bill, the open banking regime could also expand into savings accounts, mortgages, and credit products. However, many fintech providers are frustrated by the difficulties experienced in accessing customers' financial data, with some banks making it difficult to access information contained in monthly statements.

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