Some might assume open banking will not affect anyone providing life insurance advice. F&TRC's Ian Mckenna believes this could not be further from the truth
Open banking is the process through which banks are being forced, by the European Union Payment Services Directive, to provide a level of information to parties that their customers have chosen to trust. Banks have fought to retain this privilege within their own exclusive domain for years. They have also long had the ability to provide customers with a far better insight into their day-to-day spending, but have chosen not to because it suits their commercial objectives. Ideally banks want...
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