Petition Review whether FCA rules favour large corporations & change open banking rules

We believe that the rules of the Financial Conduct Authority (FCA) are biased toward large corporations, and this should be reviewed by Government.

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One example is the FCA authorisation required to use the open banking APIs which is costly, time-consuming and complicated. We consider that this effectively excludes small businesses from using the APIs directly because access is only cost-effective through large corporation intermediaries. We would like Government, in this example, to ensure small businesses can access open banking APIs, and anybody can access their own banking data directly, for free and without a difficult authorisation process.

This petition closed early because of a General Election Find out more on the Petitions Committee website

24 signatures

Progress of the petition towards its next target: 24 of 10,000 signatures required to get a government response

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10,000 signatures required to get a government response

Date closed 30 May 2024
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