FCA Sets Out Vision for UK Open Finance: Giving Users Control Over All Financial Data Beyond Banking
Finextra·medium signal
The UK's Financial Conduct Authority proposed a framework to give consumers more control over their financial data, expanding open banking principles into pensions, insurance, and investments — a new era of open finance. The proposal would enable third-party apps to access and aggregate financial data across all product types with user consent, significantly expanding the scope beyond the original PSD2 banking data mandate. For fintech builders, this creates new API surface area across previously closed financial verticals.