Posted on by Matthew West

30 March 2021

PIMFA welcomes FCA Feedback Statement on Open Finance

PIMFA, the trade association for the wealth management, investment services and the investment and financial advice industry, welcomes the Financial Conduct Authority’s (FCA) Feedback Statement to their Open Finance Call for Input.

Giulia Lupato, Head of Regulatory Policy and Compliance at PIMFA commented: “We are pleased to see that the FCA is broadly in agreement with many of the points we raised in our response to the Call for Input, including the need for data standardisation, security standards and digital ID to ensure that Open Finance is viable.

“It is also good to see the FCA views the introduction of Open Finance as we do, through a phased approach that will see Open Banking extended first, with the next stage being to start with products that have the best balance of cost and complexity.

“PIMFA is also pleased the FCA has recognised the potential competition risk which may be brought about by the implementation of Open Finance. We are looking forward to working with the FCA and our members to create a regulatory environment that benefits both customers and market participants alike.”

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Notes for Editors:

About PIMFA – the Personal Investment Management & Financial Advice Association

  • PIMFA is the trade association for firms that provide investment management, investment services and advice to everyone from individuals and families to charities, pension funds, trusts and companies.
  • The sector currently looks after £1.65 trillion in private savings and investments and employs over 63,000 people.
  • PIMFA represents both full and associate member firms. Full members provide a range of financial solutions including financial advice, portfolio management, as well as investment and execution services. They assist everyone from individuals and families, to charities and pension funds, all the way to trusts and companies.  Associate members provide professional services to the PIMFA community.
  • PIMFA leads the debate on policy and regulatory recommendations to ensure that the UK remains a global centre of excellence in the wealth management, investment advice and financial planning arena. Our mission is to create an optimal operating environment so that its member firms can focus on delivering the best service to clients, providing responsible stewardship for their long-term savings and investments.
  • PIMFA has made numerous recommendations to the FCA regarding the Future of Advice, the Future of Supervision  Open Finance and the FSCS levy – read more.
  • PIMFA was created in 2017 as the outcome of a merger between the Association of Professional Financial Advisers (APFA) and the Wealth Management Association (WMA) with a history as a trade association since 1991 – read more.
  • Further information can be found at pimfa.co.uk

Contact

For further information on this release or other press matters please contact:

  • Matthew West, PIMFA PR Manager – MatthewW@pimfa.co.uk, +44 (0)20 7382 0376
  • Sheena Gillett, PIMFA Communications & PR Director – sheenag@pimfa.co.uk, +44 (0)20 7011 9869 / +44 (0)7979 493225
Tags:
Financial Conduct Authority
Giulia Lupato
Open Banking
Open Finance