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Huge financial institutions implicated of trying to freeze out faster competitors

Fintech organizations state large lenders are trying to assume control of reforms aimed at making it easier for customers to change membership

Fintech companies has accused large finance companies of trying to help you freeze them out of the business from the seizing control of reforms built to allow it to be easier for people to alter loan providers.

An effective spokesman to have Revolut told you they mutual the view “you to definitely open financial are overseen of the a separate looks to own the nice of battle”

A small grouping of 19 fintech executives have written towards the Battle and you will Segments Expert (CMA) worrying you to definitely the visit toward way forward for very-titled discover banking reforms commonly place decision-making in the possession of of your larger lenders.

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