Simon Binney: Open banking and advice - creating new realities

Came into effect in January

clock • 11 min read

Simon Binney investigates the new world of open banking and explores if it could be the catalyst for the advisory sector working towards an 'age of digital transformation'

Since open banking came into effect in January there has been a flurry of activity from fintechs to develop new concepts and innovative solutions for consumers and businesses.  This has been spurred by the fact that the Competition and Markets Authority (CMA) has mandated that the nine largest current account providers must offer standardised application programme interfaces (APIs) for approved third parties to deliver account information services (AIS) and payment initiation services (PIS). It would be a mistake for the financial advisory sector to think that open banking only impact...

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 Regulation

Reality TV 'finfluencers' sentenced

Reality TV 'finfluencers' sentenced

Had combined Instagram following of 4.5 million

Jen Frost
clock 23 February 2026 • 2 min read
FCA CEO sets out shift in regulator's approach with 'less rules'

FCA CEO sets out shift in regulator's approach with 'less rules'

Consumer Duty ‘will do a lot of the work for us’

Isabel Baxter
clock 18 February 2026 • 2 min read
Failed financial advice firms tracker

Failed financial advice firms tracker

Firms that the FSCS has confirmed as failed since the start of 2023

Professional Adviser
clock 17 February 2026 • 1 min read