UK Weighs Extending Open Banking Deadline Amid Hitches
Law360, London (February 5, 2020, 4:33 PM GMT) -- The U.K.’s competition watchdog said Wednesday it is mulling giving banks more time to implement new rules designed to help more players enter the retail banking market after reports of technical hitches.
The Competition and Markets Authority is proposing giving the U.K.’s nine biggest current account providers more time to work through backlogs, fix outstanding performance issues and focus on operational resilience.
Imran Gulamhuseinwala, who heads up the Open Banking Implementation Entity, wrote to the CMA to propose the extension after carrying out a two-month consultation.
“The job of implementing the CMA Order is not yet done,” he wrote.
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