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PIMFA, the trade association for the wealth management, investment services and the investment and financial advice industry, welcomes the Financial Conduct Authority’s (FCA) Feedback Statement to their Open Finance Call for Input.
Giulia Lupato, Head of Regulatory Policy and Compliance at PIMFA commented: “We are pleased to see that the FCA is broadly in agreement with many of the points we raised in our response to the Call for Input, including the need for data standardisation, security standards and digital ID to ensure that Open Finance is viable.
“It is also good to see the FCA views the introduction of Open Finance as we do, through a phased approach that will see Open Banking extended first, with the next stage being to start with products that have the best balance of cost and complexity.
“PIMFA is also pleased the FCA has recognised the potential competition risk which may be brought about by the implementation of Open Finance. We are looking forward to working with the FCA and our members to create a regulatory environment that benefits both customers and market participants alike.”
