Britain’s Financial Conduct Authority (FCA) is investigating whether sharing data with outside competitors could be extended beyond banks to savings, insurance, mortgages, investments, pensions and consumer credit to increase innovation and choice. ‘Open banking’ rules already allow payment companies and other providers to use account data, with customer consent, to offer rival services and has opened the door to payments services for many financial technology or “fintech” firms. The Financial Stability Board, a global regulatory body, has said that Big Tech companies like Google, Alibaba and Facebook could be forced to share data on financial services customers with …read more
Source:: Yahoo Finance
