In brief: FCA tests open finance cases

The Financial Conduct Authority (FCA), a regulatory body for the UK financial sector, has recently reaffirmed its ambitions for the deployment of Open Finance. It thus relies on a collaborative effort with financial sector actors to accelerate digital innovation on the topic of data openness.

In a report commissioned by KPMG and Europe Economics, the CFA noted that its role as regulator of the sector was threefold. The CFA is committed to:

• Organize data sharing;
• Develop appropriate technologies;
• Promote the deployment of systems and procedures capable of supporting innovation while ensuring consumer protection.

FCA also specifies that it is currently working with open data specialist Raidiam to test concrete applications of Open Finance. This work focused on the identification of specific use cases. Facilitating access to credit for small and medium-sized enterprises and simplifying mortgage lending are clearly identified objectives.

Functional prototype tests involving the entire ecosystem (industry, regulators, international partners) are organised to ensure the relevance of Open Finance's deployment on these topics.

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