UK financial regulator issues open finance roadmap

On April 14, the UK’s independent financial regulator, the Financial Conduct Authority (FCA), announced the release of an “open finance roadmap,” aiming to transcend the current operating limits of open banking by providing consumers and businesses with greater control over, and the ability to share with secure third parties, a broader set of their financial data. The FCA posited that open finance could improve access to mortgages, investments, savings, and pensions; give firms a more complete... By: Orrick, Herrington & Sutcliffe LLP