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