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CMA grants five lenders extensions to January Open Banking deadline

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  • 21/12/2017
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CMA grants five lenders extensions to January Open Banking deadline
Five of the UK’s biggest banks will miss the January deadline for Open Banking changes by a little or a long way in the case of Bank of Ireland, with the Competitions and Market Authority (CMA) forced to offer each provider a different compliance deadline.

 

As a part of the Open Banking rollout, the CMA required nine of the UK’s biggest lenders to release their data sets from personal current accounts (PCA) and business current accounts (BCA) by 13 January 2018.

However, five of the nine banks have told the CMA they would not be able to release all of the data sets by the specified date.

Those lenders are HSBC, Barclays, RBS, Santander and Bank of Ireland.

In response, the CMA has granted extra time to each bank to comply, with timescales ranging from a few weeks to a year.

HSBC and Barclays have been given an extra month to comply, while RBS will be ready for a partial launch on the deadline, with full implementation extended till February.

The Bank of Ireland has been given until August and September to implement different parts of the launch.

Santander will be able to launch for most of its customers on the 13 January deadline, but will have significant delays for remaining customers.

The compliance date for approximately 12,000 SME accounts on Santander’s corporate banking platform has been extended to May.

While the date for some 40,500 accounts of Santander’s subsidiary, Cater Allen, has been extended to January 2019.

Open Banking emerged out of the CMA’s establishing and growing market share on a level playing field.

The Open Banking directive was created with the intention to spur competition in the banking sector, by enabling customers and businesses to share their data with third parties such as challenger or online banks – thereby allowing product comparisons and facilitating product innovations.

The four other banks involved in the directive – Allied Irish Bank, Danske, Lloyds Banking Group and Nationwide – will be compliant by the January deadline.

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