Paul Lindsell: Could 'open banking' data spark financial services innovation?

Increasing choice and competition

clock • 4 min read

For years the UK government has tried to open the banking sector to more competition, writes Paul Lindsell, but a new initiative may finally see this become a reality benefiting a huge range of firms including financial advisers.

The goal of fostering more banking competition has a long and rather chequered history. Pre-financial crisis, the emphasis was on building up rivals to the big four, though the crisis itself has clearly put paid to this strategy. In the last seven years, policymakers have instead made it much easier to set up new banks - around 20 such ‘challenger' banks now operate in the UK with perhaps 10 more offering payment and banking-style services. This has been accompanied by initiatives that allow much easier switching of current accounts. The main banks now operate a current account seven-...

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

FE Fundinfo launches AI assistant for advisers

FE Fundinfo launches AI assistant for advisers

Part of updates to Nexus for Financial Advisers platform

Sophia Panayi
clock 13 August 2026 • 2 min read
Is the FCA ignoring an obvious breach of the regulatory perimeter?

Is the FCA ignoring an obvious breach of the regulatory perimeter?

'There are genuine legal complications'

Gareth Fatchett
clock 11 August 2026 • 5 min read
Some UK top advice firms invisible to AI platforms – research

Some UK top advice firms invisible to AI platforms – research

‘Advisers aren't unaware of this at all’

Sophia Panayi
clock 11 August 2026 • 3 min read