A group of MPs has stated that the UK should broaden out its open banking model.
In Brief:
The MPs have called for a financial services “Big Bang” to break regulatory restrictions.
They say broadening the open banking model will help the growth of FinTechs, especially challenger banks.
A report argues that currently the regulations “enshrine the dominance” of the five main UK banks.
What does this mean?
The MPs in question are part of the Challenger Banking All Party Parliamentary Group (APPG), and say that regulations need to change to support “levelling up” across the UK.
