A radical shake-up in the European financial services landscape began on January 13 with little fanfare. That deadline for the EU’s Payment Services Directive 2 (PSD2) transposition into national law also saw the launch of the UK’s Open Banking initiative, “helping to make PSD2 a reality in the UK”, according to Christopher Woolard, executive director of strategy and competition at the Financial Conduct Authority (FCA).
Speaking at the Future of Retail Banking conference in November 2017, Mr Woolard outlined three aims for PSD2 and Open Banking: improve consumer protection; establish new and more convenient ways for consumers to manage their finances; and enhance competition in retail banking.
