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...

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