Beyond open banking to open finance

In the fast-moving sphere of financial technology, the next wave of change - involving broader data-sharing, embedded services and smart-data ecosystems - is upon us. Charlotte Hill explores what the UK's open finance reforms mean for compliance.

Charlotte Hill, a partner with Charles Russell Speechlys in London, has substantial experience in providing international regulatory advice on fintech and other financial services regulation matters. Contact her on charlotte.hill@crsblaw.com.

The world of financial services regulation is entering a new chapter. For years, the United Kingdom has focused on the regime of PSD2-style open banking, enabling third-party access to payment account data and fostering competition in payments. Now, attention is shifting to something much broader: open finance. In short, the question for compliance teams is no longer just 'Are we ready for open banking?' but rather 'Is our firm prepared for open finance?' - the next wave of data-sharing, embedded services and smart-data ecosystems.