The FCA published a Call for Input in December 2019 to explore the opportunities and risks arising from open finance. The FCA aims to understand what is needed to ensure open finance develops in the best interests of consumers, and what role it should play.
Altus is a staunch supporter of open standards and free market competition between software suppliers. We would like to see the financial services embrace the benefits of open standards and move away from outdated, centralised hub models which stifle competition and inhibit innovation. Open finance can create an environment which encourages the development of new innovative services and in which new providers can compete, thereby reducing costs and improving services to the end customer.
We believe that the FCA can play a pivotal role in driving this transformation by setting high-level rules. The FCA should then leave the details to the industry and give its full back up. For example, the TeX open transfers framework is the best existing governance model for open standards-based solutions.