Did you feel the earth move on 13 January? This was the day when what’s been described as one of the greatest shake-ups of personal finances came into force.
Open Banking in case it has passed under your radar – along with 92% of the people questioned in a recent Which? survey – forces the UK’s biggest banks to share customers’ nancial data with other companies, providing customers give their permission.
Why this assault on banks’ precious data vaults? Because the Competition and Markets Authority (CMA), among others, believes it will encourage healthy competition in the personal nancial marketplace. No bad thing when a mere 3% of people switch accounts in any year, according to CMA.
This month we featured in Edinburgh Chambers magazine Business Content, turn to page 21 for our insights on which aspects of Fintech might qualify for R&D tax relief
