Open banking needs urgency – not more debate, write John Glen, three years on from opening the conversation as City minister

In the UK, open banking has quietly transformed the way millions of people manage their finances, from budgeting apps and smart savings tools to quicker, more secure payments.

At its core, open banking gives individuals and businesses greater control over their financial data by enabling secure access and sharing across different financial service providers.

Open finance is the next step: expanding these benefits beyond banks to include savings, investments, insurance and pensions, unlocking innovation, improving transparency and helping consumers and businesses alike make better-informed decisions to harness the full potential of their money.

As economic secretary to the Treasury and City........

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