In our increasingly digital world, open finance has the potential to make it easier for citizens to access financial services and keep track of their financial situation. But without adequate regulatory safeguards, there is a big risk that consumer data could be exploited and misused.
Open finance is considered the step beyond open banking, whereby a consumer’s payment account data can be shared with a third party, for example to allow them to access consumer data about several bank accounts from different providers. Open finance would go further, enabling sharing and third party access to customer data for a wider range of financial sectors and products.
The policy brief will include our concerns about the proposed framework, for example the risk of consumer data being misused, and also our recommendations for policymakers to ensure that rather than increasing the risk that financial products and services are mis-sold to consumers, open finance makes it easier for citizens to access financial services they actually need.
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