On the brink of Open Banking and Finance

Open Banking and Open Finance look set to be far more revolutionary than the present low level of media coverage suggests. And firms that ignore these developments now could struggle to catch up later. Neasa MacErlean explores where we are going and what compliance officers need to do.

Do compliance officers need to be thinking about OB and OF now?

Yes. It looks increasingly likely that the OB (Open Banking) and OF (Open Finance) regimes will become mandatory for financial services firms within the next few years. Different programmes within government and industry are now starting to link up. And HM Treasury and the Financial Conduct Authority are preparing to follow through with secondary legislation and regulation that will make data-sharing obligatory under OB and OF if customers authorise it.