The U.K. Financial Conduct Authority has published a call for input aimed at launching a discussion on the opportunities and risks presented by so-called open finance.
Open finance could be useful in the general insurance, cash savings and mortgage markets as it could make it easier for consumers and businesses to compare prices and product features and to switch products and providers, according to a Dec. 17 release.
Christopher Woolard, executive director of strategy and competition at the FCA, said the regulator wants to understand how open finance could satisfy consumers' needs and enhance competition in their interest. The FCA also wants to assess what role it can play in supporting open finance, he added.
The regulator has set up an advisory group, comprising industry experts, consumer and business representatives, as well as academics and government departments, to help drive its future strategy on open finance.
The call for input is open for comments until March 17, 2020, and a feedback statement will be published in summer 2020.