On 9 August 2016, the Competition and Markets Authority (CMA) published its final report following its investigation into the retail banking market. It also published a remedies implementation timetable. Our blog entries can be found here and here.
The CMA has now published a update on the process of implementing the remedies. The CMA reports that it has received proposals from the nine providers specified in its report for the structure, membership, governance and funding arrangements of the ‘Implementation Entity’ that it requires them to produce as part of the open banking remedy. These proposals set out the membership of the Implementation Entity’s steering group, which, in addition to the nine specified providers, will comprise representatives of financial technology companies, smaller challenger banks and other stakeholders, including companies providing products within the scope of the Second Payment Services Directive but outside the CMA’s terms of reference. Comments on the proposals provided by the nine providers should be provided to the CMA by 21 October 2016.
The CMA also reports that it has appointed Andrew Pinder as the ‘Implementation Trustee’ who will chair and oversee the work of the Implementation Entity.
The CMA has also received a proposal from banks for common information and evidence requirements for opening a Business Current Account. A copy of this proposal will be published shortly.
View Update on the retail banking market investigation, 17 October 2016
View Proposal for the Implementation Entity from the nine providers, 17 October 2016