FDATA responds to CMA’s retail banking market investigation
The Financial Data and Technology Association (FDATA) has today responded to the CMA’s provisional decision on remedies, the penultimate stage of its retail banking market investigation.
FDATA’s full response can be read here.
Commenting, FDATA’s Executive Director Andy Maciver said:
“FDATA has given a broad and strong endorsement to the CMA for its provisional remedies. We particularly welcome the provisional decision to require our largest banks to make transaction data available through an API, and the decision to pull forward by one year the write-access timetable suggested in the Open Banking Standard.
“FDATA has campaigned on the basis of four remaining concerns during this first half of 2016; those of the timescale for implementation, the scope of data to be included in the API, the role of screen-scraping and the problem of redacting data.
“We consider the CMA’s report to be a big step in the right direction on these issues and we believe that the CMA is determined to reach a destination which meets consumer demand. This is most welcome.
“However we have made several recommendations in our response which we believe would further improve the outcome and meet the aims of the CMA in terms of market impact, and we look forward to working with the CMA and other stakeholders on these recommendations between now and August.”