2 Nov 2017

The European Commission (‘EC’) has carried out a number of dawn raids, including to the offices of the Polish and Dutch Banking Associations, in regards to concerns that banks have been engaging in anti-competitive behaviour by restricting the access of third parties to the online bank account data of consenting customers, according to the EC’s press release of 6 October 2017.

The alleged practices being investigated are aimed, according to the EC, “at excluding non-bank owned providers of financial services by preventing them from gaining access to bank customers’ account data, despite the fact that the respective customers have given their consent to such access.” “Anecdotal evidence suggests some banks are doing this by refusing to open accounts for FinTech businesses, and dragging their heels on access requests,” said Chris Finney, Partner at Fox Williams LLP.

Read the full article and the comments made by Chris, here

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