Further action must be taken to force major banks to come to the table on data sharing to empower competition, says new MoneyMe chairman Jamie McPhee, in a rebuke to the open banking regime nearly four years after its introduction.
Mr McPhee, the ex-boss of the now Bank of Queensland-owned ME Bank and former chairman of SocietyOne, said the much-vaunted consumer data right has “got to be legislated and forced” to drive better outcomes for consumers.
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Lucas Baird is a journalist based in The Australian Financial Review's Sydney office. Connect with Lucas on Twitter. Email Lucas at lucas.baird@afr.com
James Eyers writes on banking, payments and fintech. He is a former legal and investment banking editor at the AFR, has degrees in commerce and law from UNSW, and is co-author of Buy now, pay later: The extraordinary story of Afterpay Connect with James on Twitter. Email James at jeyers@afr.com.au
