The Financial Data and Technology Association (FDATA), the industry body for financial technology (fintech) companies which give consumers more control over their financial data, has welcomed the Treasury’s call for evidence on open data and open banking, and committed to responding to it.
The call for evidence was pledged in the Autumn report, which announced “support for fintech firms who want to use bank data to help consumers and small businesses make better decisions”.
Announcing the call for evidence, City Minister Andrea Leadsom MP highlighted the benefits to consumers of making it easier for them to use their data, a point with which FDATA wholeheartedly agrees.
Commenting, FDATA Director Peter Duncan said:
“We welcome this call for evidence and will be responding positively on behalf of the data aggregation industry to ensure that an era of open data can make it easier for consumers and small businesses to manage their money.”