Ian Mckenna: Open banking and the future of financial protection

EU Payment Services Directive

clock • 5 min read

Some might assume open banking will not affect anyone providing life insurance advice. F&TRC's Ian Mckenna believes this could not be further from the truth

Open banking is the process through which banks are being forced, by the European Union Payment Services Directive, to provide a level of information to parties that their customers have chosen to trust. Banks have fought to retain this privilege within their own exclusive domain for years. They have also long had the ability to provide customers with a far better insight into their day-to-day spending, but have chosen not to because it suits their commercial objectives. Ideally banks want the customers to run out of money just before the end of the month, so they buy their expensi...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Technology

Warnings that most adviser AI startups will disappear

Warnings that most adviser AI startups will disappear

Ian McKenna urges advisers to get ahead of open financing

Sophia Panayi
clock 09 October 2026 • 2 min read
Beyond the meeting note: Five stages of AI maturity in financial advice

Beyond the meeting note: Five stages of AI maturity in financial advice

'Internal efficiency matters, but it is only part of the opportunity'

Shoomon Perry
clock 08 October 2026 • 6 min read
Fidelity Adviser Solutions extends ZeroKey integration to Intelliflo users

Fidelity Adviser Solutions extends ZeroKey integration to Intelliflo users

Designed to reach more advisers

Sophia Panayi
clock 06 October 2026 • 2 min read