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<p>The government is committed to increasing competition in banking to improve outcomes
for consumers. This includes delivering the Current Account Switch Service (CASS)
which allows customers to switch their personal or business current account where
they see a better deal – simply, quickly and reliably. Consumers have switched over
2.8 million times since the service was launched in 2013.</p><p> </p><p>Making it
easier for people to understand and compare banking products and services can help
drive consumer engagement and could lead to an increase in switching. Financial technology
is an important part of this.</p><p> </p><p>In its recent provisional decision on
remedies, the Competition and Markets Authority (CMA) proposed requiring the largest
retail banks in Great Britain and Northern Ireland to develop and adopt an open API
banking standard by early 2018.</p><p>This will make it easier for financial technology
firms to make use of customer bank data in a variety of innovative ways, including
providing services that make it easier for consumers to compare products and shop
around for a better deal.</p><p> </p><p>The government welcomes the CMA’s ongoing
work as a crucial step towards the goal of a highly competitive banking sector, and
stands ready to take action as necessary once the CMA publishes its final report in
the summer.</p>
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