Moneyhub, the market leading Open Data and Payments platform, has called for greater data-sharing among financial firms as part of its response to the FCA’s Consumer Duty Proposals.
The FCA’s proposal seeks to improve the standard of care that retail financial firms provide to their customers and would require them to prioritise consumer outcomes.
Moneyhub has submitted a response to the FCA’s consultation pointing to Open Finance as an effective tool in achieving better financial outcomes for consumers and as a solution for retail financial firms to comply with the new rules.
The company believes that the development of Open Finance will have a positive and supportive impact upon better financial outcomes for consumers.
At the same time, Open Finance will enable financial businesses to better understand, monitor and act upon the FCA’s Consumer Duty Structure – the main principle; the underlying cross-cutting rules and the four key outcomes.
Sam Seaton, CEO at Moneyhub, said, “At a time when everyone’s finances will be feeling the squeeze, it’s vital that consumers are able to make informed decisions about their money. However, this is only possible when they have access to all the information. Greater data-sharing from the industry will not only benefit consumers, but the organisations themselves too. By being able to create personalised products and services, firms will be building a loyal customer base.”
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