Exclusive: £10m needed for regulator charged with developing tools to thwart financial crime and protect consumers
Banks are under pressure to stump up millions of pounds in interim funding for the organisation that polices open banking, with regulators saying the new money is needed to prevent financial crime and protect consumers if things “go wrong”.
Large banks including NatWest, HSBC, Lloyds, and Santander UK, were among more than 40 City firms summoned by the Financial Conduct Authority (FCA) last week, to discuss a cash injection into Open Banking Limited (OPL), the body which oversees innovation in this area.
