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READ MORERegulators holding back fintech firms in cost of living crunch, industry body says
Regulatory red tape is stopping fintech firms from boosting financial inclusion and helping consumers through a cost of living crunch, the industry body and EY said.
In a new report, Innovate Finance and big four firm EY said today that City regulators need to quickly expand the UK’s open banking regime and loosen rules on “robo-advice” so that hard-up consumers can access free financial guidance on managing their debts.
Open banking was rolled out in the UK in 2017 to free up data sharing between big banks and small fintech firms but progress has slowed in the past 12 months as it enters a new phase of implementation.
The chief of Innovate Finance Janine Hirt said it was essential that regulators now ramp up the pace of movement in order to help consumers.
“There is more fintech companies can be doing to help people – especially with open banking, but this can only be made possible by regulatory change,” she told City A.M. “We are at a critical juncture, with consumers facing increasing pressures on their personal finances, and it’s essential there is a swift change in regulatory policy.”
The first stage of open banking was deemed materially complete by the Competition and Markets Authority earlier this year but progress is now hanging on a series of recommendations from the Joint Regulatory Oversight Committee (JROC), chaired by the Treasury, the CMA, Payments Systems Regulator and the Financial Conduct Authority.
Read more at City A.M.
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