Bank Services: Standards

HM Treasury written question – answered on 2nd March 2017.

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Photo of Craig Tracey Craig Tracey Conservative, North Warwickshire

To ask Mr Chancellor of the Exchequer, which regulator will be responsible for monitoring the implementation of the Open Banking Standard.

Photo of Craig Tracey Craig Tracey Conservative, North Warwickshire

To ask Mr Chancellor of the Exchequer, what the timescale is for implementing the Open Banking Standard.

Photo of Craig Tracey Craig Tracey Conservative, North Warwickshire

To ask Mr Chancellor of the Exchequer, what assessment he has made of progress on implementing the Competition and Markets Authority's key recommendations on promoting open banking.

Photo of Simon Kirby Simon Kirby The Economic Secretary to the Treasury

The Treasury welcomes the Competition and Market Authority’s (CMA’s) remedies on Open Banking, which has the potential to bring significant benefits to consumers and SMEs by promoting competition in the retail banking sector.

Responsibility for assessing and monitoring the progress on implementation rests with the independent CMA.

As set out by the CMA, the element of Open Banking dealing with non-personal information must be delivered by 13 March 2017, with the delivery of the full scope by January 2018.

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