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As the FCA’s consultation on Open Finance has now closed, Steven Cameron reflects on whether an ‘Open Banking’ model, extended across all of an individual’s finances including debt, mortgages, savings, investments and pensions, would be beneficial. The underlying principle is that data supplied by and created on a customer’s behalf is owned by them. Open Finance would enable individuals to access this, all together, and to grant third parties the right to do likewise, opening up the option of offering them tailored products and services, and initiating transactions on their behalf. |
Steven Cameron, Pensions Director at Aegon comments: “The FCA’s call for input on Open Finance asks big questions around the possible benefits and risks to consumers of extending Open Banking across all of an individual’s finances. While there’s a potential for this to lead to a new wave of engaged and informed customers making the most of their finances, there’s also a real risk that it could instead introduce unintended consumer detriment. The FCA has a key role to play here in making sure regulation is fit for future purpose. “With technology constantly expanding the boundaries of the possible, there are many ways of opening up financial data to customers, and for third parties to recommend actions. But unlike bank accounts, financial products like pensions and investments sit in a complex tax and regulatory environment meaning any third party should be subject to strict regulatory requirements. Advisers must demonstrate high levels of skill, knowledge and competence and it would be a backward step to allow new players in Open Finance to operate to different standards. “We are seeing a gradual move towards Open Finance. In addition to Open Banking, investment platforms already offer open access to a range of cross-provider investment products. And pension dashboards will show an individual all of their pensions together, although with the important distinction that they will not allow the individual to transact on the dashboards. “We are urging the FCA to focus on making sure further developments towards Open Finance are truly designed with the end customer in mind, allowing for their willingness to share their personal data and ability to look holistically at their finances. A gradual step by step approach will allow learning on where customer benefits as well as risks can lie and importantly how regulation needs to respond.
“We would like to see regulated advisers and other firms being to offer more personalised guidance to those who don’t always need full financial advice. With ever more data available to both customers and firms, and with the FCA considering a move to outcomes based regulation, we believe the current split between regulated advice and guidance needs reviewed.” |
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