Metrics Monthly Q1 | 21

NEWS

In case you missed it CMA launched consultation on the future governance of Open Banking

The Competition and Markets Authori- ty launched a consultation on how the future government of the Open Banking revolution will be managed in the UK, which ran until 29 March 2021. The results of the consultation are expected to suggest winding down the Open Banking Implementation Entity (OBIE), which is the body currently charged with overseeing the roll out of the technology. This is largely due to the implementation of Open Banking nearing completion, and could result in a new body being created with a broader funding and governance model to replace the OBIE. UK Finance submitted proposals for a new body that will function separately from compliance and monitoring, and the CMA is considering this as part of the consultation, with emphasis on ensuring the successor to OBIE is truly independent and appropriately funded.

Open Banking now has around 3 million active users in the UK and it is esti- mated that more than half of small and medium enterprises are using the

functionality, so further governance will be essential in ensuring the continued rollout goes smoothly and the right parties are held accountable.

FCA finalises fair treatment guidance In a further bid to ensure the fair treat- ment of vulnerable customers, the FCA has published final guidance clar- ifying its expectations of firms. The newly released guidance emphasises the importance of firms being able to ensure that customers in difficult financial situations receive the same fair treatment and outcomes as others. Nisha Arora, Director of Consumer and Retail Policy said, 'protecting vulnera- ble consumers remains a key focus for us and given the impact of the Coro-

navirus pandemic, it is more important than ever that firms get this right.' Firms will continue to be held to account for their treatment of these customers and could be asked by the regulator to demonstrate how their business models, actions and cul- tures ensure this fairness. Alongside the guidance, the FCA released an infographic about treating vulnerable customers fairly, which can be viewed here.

06 | Metrics Monthly

Q1 | 2021

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