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UK watchdog gives five banks extra time to implement open banking

Published Wed, Dec 20, 2017 · 09:50 PM
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Bengaluru

BRITAIN'S competition watchdog has given five banks extra time to comply with so-called open banking plans aimed at boosting competition in retail banking after the lenders said they would not be ready by a January deadline.

The Competition and Markets Authority (CMA) set out individual timelines on Tuesday for Barclays, HSBC , Royal Bank Of Scotland, Santander UK and Bank of Ireland to comply with the new rules after they said they would not be able to release all of the required data by the original Jan 13 deadline.

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