Moneyhub: Calls for greater data sharing by financial firms
- Moneyhub has responded to the FCA’s consultation on Consumer Duty citing the need for greater access to data
- Open Finance can also improve financial organizations’ understanding of their customer
- The FCA’s proposal seeks to improve the standard of care that retail financial firms provide to their customers
- Submitted a response to the FCA’s consultation pointing to Open Finance as an effective tool
- Called for a requirement for financial institutions to make customer data more readily available through the adoption of Open Data standards
- Smart Data Initiative has identified that slow digital transformation has resulted in this having limited the benefits
