PCT Welcomes FCA Initiatives to Boost Competition in Current Account MarketNovember 16, 2016
Today’s announcement from the Financial Conduct Authority (FCA), that it will act to boost competition in the current account market following a series of recommendations proposed by the Competition and Markets Authority (CMA), is to be welcomed as a clear sign that lobbying for fairer banking services by fintech organisations such as Payment Cloud Technologies (PCT) is making a meaningful difference to the banking industry.
Greater competition ultimately means better financial services to customers and small businesses, and more consumer needs fulfilled.
What was previously a market restricted to major banking corporations has been blown open by technology that is more transparent, provides fairer access, is more innovative, and opens the market to consumers and small businesses.
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We believe that PCT is already leading the industry in promoting an open banking platform via our product range including The Change Account and our new Digital Banking Platform.
These developments mean that whilst the FCA’s push to improve transparency, promote innovation and boost customer engagement is a positive step, it is to be hoped that these initiatives will be accelerated to keep pace with the innovation that is already thriving today