The FCA’s proposal seeks to improve the standard of care that retail financial firms provide to their customers and would require them to prioritise consumer outcomes. Moneyhub has submitted a response to the FCA’s consultation pointing to Open Finance as an effective tool in achieving better financial outcomes for consumers and as a solution for retail financial firms to comply with the new rules.
Moneyhub has called for a requirement for financial institutions to make customer data more readily available through the adoption of Open Data standards. Providers across sectors such as life and pensions, wealth management and general insurance, have the ability to provide secure and easy access to customer records. However, the Smart Data Initiative has identified that slow digital transformation has resulted in this having limited the benefits to consumers and the economy.
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