UK Watchdog Delays Open Banking 'Sweeping' Rules

By Najiyya Budaly (November 16, 2021, 3:33 PM GMT) -- The U.K. antitrust watchdog has agreed to a six-month delay to open banking rules that will allow consumers to automatically move their funds between accounts, after realizing that the U.K.'s biggest lenders will not meet the January implementation date.

The Competition and Markets Authority said on Monday that standards for so-called sweeping — the automated movement of money between a customer's accounts — will instead come into force by July.

The open banking rules, which were introduced in 2018, allow firms that are not banks to access customer accounts to allow them to initiate payments, in a bid to widen competition in the...

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.

  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!


Hello! I'm Law360's automated support bot.

How can I help you today?

For example, you can type:
  • I forgot my password
  • I took a free trial but didn't get a verification email
  • How do I sign up for a newsletter?
Ask a question!