Regulator To Nudge Finance Industry Toward Transparency
Law360, London (November 18, 2019, 2:15 PM GMT) -- The Financial Conduct Authority said Monday it will “nudge” the financial services sector toward the kind of "open finance" regime available in the banking sector as it seeks to make it easier for consumers to compare offerings for pensions, investments and other personal finance products.
Sheldon Mills, director of competition at the FCA, said he hoped financial services companies would begin to disclose their customers' data to third-party service providers.
European open-banking rules, introduced in January 2018, require lenders to share data on account-holders with other regulated companies if the customer requests it. That has enabled consumers to use third-party apps...
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