Open banking was one of the more closely watched areas by the financial industry. Also called consumer-driven finance, it would allow consumers to securely share their financial data across institutions and apps to take advantage of services like budget management and wider loan options.
"We would have liked to see a formal launch date for the open banking framework," said EQ Bank chief executive Andrew Moor in a statement. Using the existing FCAC, rather than setting up a new agency, should however save time and money, said Saba Shariff, chief strategy, product and innovation officer at Symcor Inc., a business process service provider.She said it was very expensive for the U.K. to set up a new agency when it rolled out its system that cost hundreds of millions of pounds.
The budget said the government would release draft regulation on the measure in the coming months, but no target date for when the new rules might be in place.“At last, low- and moderate-income people are getting a break from corporate gouging," said leader Alejandra Ruiz Vargas in a statement.The budget said the government plans to negotiate wider access to low- and no-cost bank accounts, and have more services added to them.