The Coalition for a Digital Economy (Coadec) has asked the UK regulator to take a more “market led” approach to open finance services.
In Brief:
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Coadec is a group of tech and FinTech startups based in London.
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It includes investment platform Seedrs.
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It wants the FCA to end what it calls an “overly-standardised” approach to offering open finance services.
What does this mean?
Coadec has said that the move to open finance and its impact on how customer data is used can help increase competition in financial services.
The group wants banks to stop charging third-party firms for access to financial data and removing the 90-day reauthentication period.
