UK Watchdog Delays Open Banking 'Sweeping' Rules

By Najiyya Budaly (November 16, 2021, 3:33 PM GMT) -- The U.K. antitrust watchdog has agreed to a six-month delay to open banking rules that will allow consumers to automatically move their funds between accounts, after realizing that the U.K.'s biggest lenders will not meet the January implementation date.

The Competition and Markets Authority said on Monday that standards for so-called sweeping — the automated movement of money between a customer's accounts — will instead come into force by July.

The open banking rules, which were introduced in 2018, allow firms that are not banks to access customer accounts to allow them to initiate payments, in a bid to widen competition in the...

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