Leading business and financial adviser Grant Thornton UK LLP and multinational law firm Pinsent Masons have joined forces to support firms with how they can share data safely, efficiently and effectively across financial services in a push to enable open finance.
Following the FCA’s 2019/2020 business plan, which introduced the concept of Open Finance building on Open Banking, there has been a shift in demand from the market and regulators to provide additional benefits to consumers through greater choice and access to products and services.
The proposed Open Finance concept is much wider than Open Banking; affecting mortgage providers, consumer credit firms, investment and pension funds, as well as general insurers and intermediaries.
The focus of Open Finance is to improve the way consumers and small and medium-sized enterprises (SMEs) manage their finances and improve the way companies in the financial services ecosystem interact with each other and with their customers.
Through this unique collaboration, the two firms will pool their wide range of data expertise, including advice on implementation and technology platforms to support financial services organisations with a range of data challenges critical to the success of open finance.
This will include advice around data sharing and licensing, data ethics, data platforms, data analytics, artificial intelligence, creating data strategies and establishing fit for purpose data management.
Leading the collaboration from Pinsent Masons, Andrew McMillan, head of technology and digital markets said:
“Across Pinsent Masons and Grant Thornton we have complementary expertise spanning all areas of data advice, enabling organisations to unlock the value of the data they own. By working together, we will be able to provide clients with a holistic data service and we want to provide a key resource for tackling data challenges.”
Leading the collaboration from Grant Thornton, Nikhil Asthana, Head of Data, RegTech & Digital Assurance Practice, Financial Services Group, said:
“This collaboration brings together Pinsent Masons’ impressive legal expertise in data and Grant Thornton’s advisory and implementation expertise in data and analytics, RegTech and digital. Together we will support financial services firms in navigating both the opportunities and risks posed by Open Finance. Our joint mission is to help our clients and the financial services ecosystem by providing expert advice on data sharing, data ethics and responding to data regulation in the most effective, efficient and secure manner.”
The collaboration will initially focus on organisations across the financial services sector but plans to expand to other key sectors as it develops.