Open finance – a new way to deliver financial services

As fintechs and the products and solutions they offer grow exponentially, financial regulators and the frameworks they develop to govern their markets need to adapt accordingly. On the back of the implementation of the EU Payment Services Directive 2015/2366 (PSD2) and open banking, the UK’s Financial Conduct Authority (FCA) is now calling for input across the financial services industry to consider the development and implementation of open finance. The FCA’s consultation, which commenced in December 2019, closed on 17 March 2020.