News

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.”

The Financial Conduct Authority (FCA) has today published its Cash savings market study, which covers both problems in the sector and proposed remedies.

One set of remedies, the Convenience Remedies, relate directly to the work of FDATA members in the area of financial data aggregation. FDATA has been in private discussions with the FCA and has welcomed the following extract from the report:

“This remedy would seek to lower barriers that restrict account aggregators (those providers offering facilities to manage accounts online, not price comparison websites) from offering account management services to consumers.”

Commenting on the report, which has asked for responses by 18th February, FDATA’s Director Andy Maciver said:

“This was a thorough and impressive piece of work and our members were delighted to see the proposed convenience remedies. Convenience, and the ability to manage money more easily and make better financial decisions, is the role which our member companies provide to personal and small business consumers.

“We look forward to submitting a reply to explain in full how we believe the FCA can help bring down the barriers in this market.”

ENDS