Big banks accused of trying to freeze out smaller rivals
Fintech firms say large lenders are trying to seize control of reforms aimed at making it easier for consumers to switch accounts
9 June 2021 • 10:00am
Fintech firms have accused big banks of trying to freeze them out of the market by seizing control of reforms designed to make it easier for consumers to switch lenders.
A group of 19 fintech executives have written to the Competition and Markets Authority (CMA) complaining that its consultation on the future of so-called open banking reforms will put decision making in the hands of the big lenders.