Tech firms criticise CMA report into banking competition

Vicki Owen, Financial Mail on Sunday

Financial technology start-ups have criticised last week’s report from the Competition and Markets Authority for failing to focus on ‘fintech’ solutions to open up the banking sector.

The Revised Payment Service Directive, to be implemented next year, will enable all bank customers to use thirdparty providers to manage their finances.

But while it has been claimed the banks’ monopoly on customers’ account information and payment services is about to disappear, fintech platform provider Truesk’s chief executive Steve Hatton said: ‘The CMA could have steered regulators to endorse the robustness of proven solutions for those looking for loan and credit management platforms.

Start-ups: Fintech firms have…

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