Closed petition Review whether FCA rules favour large corporations & change open banking rules

Closed on 30 May 2024

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

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.