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FCA published report into savings; includes positive comments on fintech

The Financial Conduct Authority (FCA) has today published its Cash savings market study, which covers both problems in the sector and proposed remedies.

One set of remedies, the Convenience Remedies, relate directly to the work of FDATA members in the area of financial data aggregation. FDATA has been in private discussions with the FCA and has welcomed the following extract from the report:

“This remedy would seek to lower barriers that restrict account aggregators (those providers offering facilities to manage accounts online, not price comparison websites) from offering account management services to consumers.”

Commenting on the report, which has asked for responses by 18th February, FDATA’s Director Andy Maciver said:

“This was a thorough and impressive piece of work and our members were delighted to see the proposed convenience remedies. Convenience, and the ability to manage money more easily and make better financial decisions, is the role which our member companies provide to personal and small business consumers.

“We look forward to submitting a reply to explain in full how we believe the FCA can help bring down the barriers in this market.”

ENDS