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Dave Gardner

Dave Gardner, lead of the financial services practice at law firm TLT, talks to Chris Evans about the challenges and opportunities of open banking and the revised Payment Services Directive.

This is potentially a real shake-up for the industry. There are technology and procurement issues for those entering licensing agreements and joint ventures to deliver new technology, and what needs to be said and provided to customers. Plus registration and compliance requirements from the Financial Conduct Authority (FCA) and PSD2.

TLT has also done a lot of work on the data side, as clients are potentially giving access to sensitive information. There’s a big piece around managing data protection requirements and understanding data flows. Plus, there’s the area of artificial intelligence and machine learning on platforms and ethically churning through data. Consumers should be made aware of why automated decisions are made about their financial issues – such as a loan.