Grant Thornton and Pinsent Masons partner in open banking space

Grant Thornton has collaborated with law firm Pinsent Masons to support effective data sharing across the financial services sector. The move aims 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, 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 concept impacts mortgage providers, consumer credit firms, investment and pension funds, as well as general insurers and intermediaries. 

Open finance considers how customers will be able to take control of their data and easily execute payments across all areas of financial services so that new, innovative solutions can be created. It is an extension of the open agenda beyond simply open banking, to encompass savings, investments, mortgages, credit, pensions and insurance, for both individuals and businesses.

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. In this context, it is important that firms looking to deal with open finance are able to gain the right expertise, to help them realise its potential.

Leading business and financial adviser Grant Thornton UK and multinational law firm Pinsent Masons have joined forces to this end. Through the firms’ unique collaboration, the companies 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.

Niresh Rajah, Head of Data, RegTech & Digital Assurance Practice, Financial Services Group, said, “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. While Rajah is leading the collaboration from Grant Thornton, it is being led from Pinsent Masons by Andrew McMillan.

Pinsent Masons’ Head of Technology and Digital Markets added, “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.”