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​UK's plan to boost competition in banking is moving 'at pace'

( January 4, 2017, 17:26 GMT | Official Statement) -- MLex Summary: UK retail banks are moving "at pace" to put into practice measures to boost competition in the sector, regulators and industry representatives have said. Banks have until 2018 to implement an app that allows customers to manage and compare different accounts through their smartphones, and which enables advisers to access their data and help them switch to rival products that offer better value. Members of a group tasked with monitoring the implementation of the so-called "Open Banking Project" also agreed to redouble efforts to promote customers' trust in the security of the data-sharing system, which they consider to be "key," according to the record of a meeting that took place in November....

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