Morrison tests banks with Open Banking regime

federal-government/treasury/open-banking/

21 July 2017
| By Mike |
image
image
expand image

The Federal Government has moved to further test its relationship with the major banks, with the Treasurer, Scott Morrison opening the door on giving consumers greater access to their own banking data and therefore making decisions about switching banks or bank products.

The Treasurer said the initiative was part of the Government’s agenda to introduce an Open Banking regime with the review being led by a partner in legal firm, King & Wood Mallesons, Scott Farrell supported by a secretariat within the Treasury which would be drawing upon the expertise of the private sector as required.

Morrison said the review would consult broadly with the banking, consumer advocacy and financial technology sectors and other interested parties in developing its report and recommendations.

“Open Banking is about giving Australians greater access to their own banking data and has the potential to transform the way in which Australians interact with the banking system,” he said.

“Greater consumer access to their own banking data and data on banking products will allow consumers to seek out products that better suit their circumstances, saving them money and allowing them to better achieve their financial goals. It will also create further opportunities for innovative business models to drive greater competition in banking and contribute to productivity growth.”

Farrell is expected to report his findings by the end of the year.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

2 months ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

2 months ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

4 months ago

Entireti has unveiled the new name for the AMP financial advice businesses that it acquired last year....

4 weeks 1 day ago

A Sydney financial adviser has been permanently banned from providing any financial services, with the regulator deriding his “lack of integrity, trustworthiness and prof...

3 weeks ago

Minister for Financial Services, Stephen Jones, has provided further information about the second tranche of the Delivering Better Financial Outcomes (DBFO) reforms....

1 week 6 days ago

TOP PERFORMING FUNDS