Major UK Banks Unwilling to Promote Open Market

Banks have been given a deadline of early 2018 to comply with new regulations that will allow for open banking; many industry experts believe this deadline is too tight; to comply, banks would need to completely overhaul their current security infrastructure and banks are not known to rapidly change anything; the UK’s big four – Lloyds Banking Group, HSBC, Barclays and Royal Bank of Scotland – control 77% of personal current accounts and 85% of business accounts; these new regulations will allow consumers to control access to their data and give them comparison tools to shop for the best mortgage, credit card or loan.  Source

Subscribe
Notify of
1 Comment
Oldest
Newest Most Voted
Inline Feedbacks
View all comments