Tuesday 17 January 2017
Commenting on the “Open banking: A consumer’s perspective” report, commissioned by Barclays and released today, Carl Pheasey, Head of Policy at the Money Advice Service, said:
“Open banking and technology have the power to revolutionise how people manage their money – including how they access both debt advice and money guidance.
“We welcome the recommendations made in today’s report, particularly those for the Money Advice Service. The way that people manage their money is changing and APIs and other technologies have an integral role to play in improving the awareness and effectiveness of money guidance and debt advice. If providers are able to identify the earlier warning signs that show someone is struggling with their money, they’re far better placed to take action and ensure that vulnerable consumers get their finances back on track.
“We will continue to work with the Open Banking Implementation Entity to ensure that the API solution the industry develops will maximise these opportunities.”
