Matthew Maxwell Scott, executive director of ACSO, responded to the Financial Conduct Authority’s call for inputon ‘Open Finance’.
The response stated the debate which the FCA is encouraging on open finance is both necessary and timely as financial products and services continue to evolve rapidly to changing technology and consumer needs.
“For open finance to be successful, consumer trust in open finance-enabled services is an essential requirement. Without this, they will be unwilling to share access to their bank account and personal data.
“In order to engage consumers, firms must clearly demonstrate their products have been designed and brought to market with consumer interests at the fore, taking into account the objectives and characteristics of all consumers and responding to their needs.
“In addition, transparency features help consumers to make better-informed decisions about which service to use, while building trust by demonstrating that their personal data and money is secure.”