A new dawn of financial data sharing will begin on 13 January as five of the UK's biggest banks have to offer consumers the opportunity to share their financial data with third parties. But how will this new age of open data trickle down to financial advice?
Previously, consumers' banking information was privy to them and their bank only, but this does not have to be the case as of 13 January. Open Banking will operate through the theory that consumers' data is owned by the consumer and not their bank, and so the incoming rules are set to give consumers the opportunity to gather all of their financial data together into one place. If consumers give their permission, their data will be shared with third parties. In theory, they can fetch better deals on a wide range of financial products. The data will be shared and available through m...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- 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
