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Guidance: Retail banking order 2017: directions issued to 5 banks

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  • Guidance: Retail banking order 2017: directions issued to 5 banks

    Directions issued to 5 banks to ensure they comply with the requirement to release personal and business account data sets as part of the Open Banking remedy.

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  • #2
    Re: Guidance: Retail banking order 2017: directions issued to 5 banks

    Competition and Markets Authority
    Documents

    Directions for Bank of Ireland

    Directions for Barclays

    Directions for HSBC

    Directions for RBS

    Directions for Santander



    In 2017 the CMA issued the Retail Banking Market Investigation Order. Article 14 of the Order required the 9 largest banks in Great Britain and Northern Ireland to release Read/Write personal current account (PCA) and business current account (BCA) data sets by 13 January 2018 as part of the Open Banking remedy.
    Five banks told us that they would not be able to release all of these data sets by the specified date and we have therefore issued each of these banks with directions stipulating the timeline for the delivery of the outstanding data sets and the arrangements that each must make for reporting progress to the CMA in the meantime.
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    • #3
      Re: Guidance: Retail banking order 2017: directions issued to 5 banks

      Here we go. Not that anyone is in any particular hurry as CMA are simply kidding themselves (and everyone else) thinking that they can transform competition in the current account market with an app. This is doomed to fail.

      http://www.bbc.co.uk/news/business-42412446

      Banks late with data 'revolution'

      Five of the nine banks ordered to be ready for a banking "revolution" by mid-January will miss the deadline.

      The banks have been given extra time to be fully set up for Open Banking, a system allowing customers to use their payment history to get better deals.

      The UK's nine biggest current account providers were told by the Competition and Markets Authority (CMA) to be ready to start on 13 January.

      However, some customers will not be able to use the service for a year.

      Delays

      A maximum of six extra weeks preparation time has been given to Barclays, Bank of Ireland, RBS and HSBC by the Competition and Markets Authority (CMA).

      Santander-owned Cater Allen, a private bank that has 40,000 active business current accounts, will miss the deadline by a year, as it needs to rebuild its IT system.

      "We remain committed to delivery on 13 January when we intend to launch for nearly all Santander personal and business current account customers," said a Santander spokesman.

      "Due to the complexity of the service, we will not be immediately enabling these services for Cater Allen customers and a small population of SME customers."

      Allied Irish Bank, Danske, Lloyds Banking Group and Nationwide will be ready to start on time.

      Imran Gulamhuseinwala, trustee of the group commissioned to implement Open Banking, said that "in time" the regime could "fundamentally change how we manage our money".
      What is Open Banking?

      Your financial data is valuable. For example, a loan provider would be keen to know exactly when you go into the red each month.

      To date, this information - or data - has been held by your bank. In the past, they may have been keen to sell you other products, such as overdrafts at a certain interest rate. Most people stay loyal to their bank. The Competition and Markets Authority (CMA) found that only 3% of personal customers move their accounts each year.

      The Open Banking regime means that such data is owned by the customer, not by the bank. He or she can share it electronically with businesses offering certain services to try to get a better deal on financial products, such as getting a cheaper overdraft elsewhere.

      In practice and in time, customers will probably see a dashboard on their bank's mobile phone app. This will show them how much money they have in their different accounts, with different banks, and eventually how much they owe on credit cards and store cards too.

      The dashboard will also allow customers to use services provided, not by their bank, but by another provider. So, a business separate to the bank might take money left over at the end of the month and invest or save it.

      The CMA claims this will be revolutionary for current account customers.

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