N@N

New data access bill paves the way for evolution of open banking to open finance

The UK government has introduced the Financial Services and Markets Bill, which aims to expand the scope of open banking to open finance, allowing consumers to share their financial data across various sectors including pensions, insurance, and investments. This legislative move is intended to foster innovation, enhance competition, and improve consumer outcomes by enabling third-party providers to access a broader range of financial data with customer consent. The bill also seeks to establish a regulatory framework that supports the development of open finance, ensuring data privacy and security while promoting the growth of fintech solutions. The initiative is part of a broader strategy to position the UK as a global leader in financial technology and services.

Read the Full Finextra Article at:
[ https://www.finextra.com/newsarticle/46144/new-data-access-bill-paves-the-way-for-evolution-of-open-banking-to-open-finance ]