Preparing for the Global Shift to Open Finance
Preparing for the Global Shift to Open Finance
The move to Open Finance will not happen overnight, but the direction is clear and consistent across many regions.
Global Regulatory Progress
United Kingdom: The UK has formally approved its regulatory framework under The Data Use and Access Act.
European Union: The EU is in the final stages of agreeing Financial Data Access (FiDA) Legislation, and we expect final sign off in Q4 2026.
Other Regions: Countries including Switzerland, Brazil, Canada, Singapore, UAE, Australia, Israel and beyond are already implementing or expanding Open Finance models across pensions, investment and insurance.
The Transition Timeline
For advisors and institutions, the transition to full Open Finance will be gradual over the next 3-5 years.
However, firms that begin preparing now will be best positioned to benefit. Key preparation steps include:
- Reviewing emerging platforms with open APIs in mind
- Modernising processes to work with real-time data
- Allocating budgets and resources for technology investment
- Understanding data flows across your organisation
More Than a Regulatory Change
Open Finance is not just a regulatory change. It is an opportunity to redefine financial advice for a data-driven world and to serve more consumers quicker, better and cheaper.
As data moves securely and interoperably, advisers can:
- Spend less time on administration
- Focus more on client outcomes
- Build deeper, more valuable client relationships
A Meaningful Differentiator
For firms competing on service quality and responsiveness, this level of efficiency becomes a meaningful differentiator.
Early movers will establish:
- Operational advantages that compound over time
- Client relationships built on superior service
- Technology infrastructure ready for the next evolution
Our Commitment
At Finerty, we are focused on enabling this transition and supporting our customers and the industry as we unlock the power of Open Finance.
Whether you’re just beginning to explore Open Finance or ready to implement, we’re here to help you prepare for — and benefit from — this fundamental shift in how financial data is exchanged.