Morrison tests banks with Open Banking regime
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.
Recommended for you
A former licensee director, who failed to report an adviser’s fee-for-no-service conduct, has been banned for three years by ASIC.
Coastal Advice Group chief executive, Daniel Brown, has said the firm has no intention of slowing down, with plans to do as many as 15 acquisitions in the next 12 months.
The RBA has handed down its much-anticipated rate decision, following widespread expectations of a close call.
Two national advice businesses have merged to form a leading holistic advice business with $2.5 billion in funds under management.
