Rimbal authorised by FCA as Account Information Service Provider in entrance to Open Banking

Rimbal Systems has today been registered by the Financial Conduct Authority (FCA) as a Registered Account Information Service Provider (AISP) enabling it to provide Account Information Services (AIS) to retail clients.  The AISP authorisation of Rimbal Systems complements the FCA authorisations within the group of Preference Financial Services and ValidPath.

An ‘Account Information Service’ can be described as an online service that provides individuals with consolidated information on their payment and bank accounts, and it is a core component of Open Banking.  The AISP authorisation makes Rimbal one of the few, if not the only, groups in the UK with the primary authorisations that can support financial advisory businesses in the provision of financial services and AIS to retail clients.

“The ability for us to enable our financial advisory members to provide Account Information Services to their retail clients is very exciting and a fundamental part of our long-term strategy to support advisers via data-driven insights and software,” Angus MacNee, CEO of Rimbal said.  “An AISP is effectively a ‘data network’ whose structure mimics that of an IFA Network so we are uniquely placed to operate this structure and support financial advisers and their clients with Open Banking.”

The context for the push into Open Banking comes as the financial advisory market is experiencing unprecedented industry transformation driven by new disruptive technologies, new consumer expectations and new regulatory paradigms such as Open Banking.  The essence of Open Banking is about giving individuals more control of their personal data and unlocking the stranglehold of large banks to enable new services to be created that benefit consumers.  It follows the UK/EU PSD2 regulatory framework for Open Banking mandating from September 2019 that all banks must provide dedicated APIs for third-party providers to access client data. 

For Rimbal as an AISP, the principal activity will be to enable retail clients to access their bank account information and securely share it with their financial adviser, so their financial adviser can deliver better, more personalised services particularly in-relation to KYC, the fact-find process and suitability.  The opportunity with Open Banking and AIS is to enhance this existing financial planning practice by improving the robustness of data, the availability of data, the efficiency for obtaining the information and the user experience for all stakeholders.

The opportunities for financial advisers and clients with Open Banking is immense”, Nicola Butterworth, the Financial Advice Director of ValidPath said. “We see many exciting use-cases for Account Information Services starting with automating the profiling of client spending as part of the fact-find which can often be a painful and laborious exercise for clients and advisers alike.”

Looking to the future of financial advice, when it is evident that broad accessibility, affordability, personalisation and a customer-centric value proposition will be essential, it is now clear what will define the ‘past’ and the ‘future’ and this will include the ability to provide Account Information Services and to operate with a dynamic data model.  Rimbal will be launching its AIS offering later in 2020 for its ValidPath IFA Network.  To read more about how Rimbal views the future of financial advice, please see our Insight.

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