The Smart Data Revolution and Open Finance

Financial advisers have spent the past few years adapting to the Consumer Duty and to a regulator that expects more evidence of good outcomes. The FCA’s new strategy to 2030 adds another layer that is worth close attention. It plans to accelerate what it calls a smart data revolution, moving beyond Open Banking toward a full Open Finance framework. This shift could change how client information is gathered, shared and used across the advice process.

The regulator’s stated goal is to make financial services more competitive, more tailored and lower in cost for consumers. At the same time, it wants the data flows behind products and advice to be more seamless and accessible. For advisers, this is an opportunity review how well your current systems are handling data.

What the FCA is planning

The 2025-30 strategy notes that more than 11 million people already use Open Banking, making over 14 million payments each month. Yet the FCA believes the model’s potential is still largely untapped. It intends to increase the pace of change so that consumers and small businesses can use richer data sets for better choice, flexibility and control.

Key points advisers should note:

• Account-to-account payments and Variable Recurring Payments are priority areas. These would give clients more payment options and lower costs for firms.
• The FCA wants Open Banking put on a sustainable footing and then extended into a broader Open Finance model.
• Within a year, the regulator plans to publish a roadmap for Open Finance, with the first regulatory framework expected by the end of 2027.
• Early focus will be on small business lending, but the principles will extend across products.

The FCA links these changes to its wider ambitions: support growth, help consumers make better financial decisions and encourage innovation while protecting trust.

Why advisers should pay attention

If Open Finance works as described, client information that currently sits in silos could become portable and permission-based. Savings accounts, pensions, insurance policies, mortgages and credit data could be shared securely between providers and advisers with a client’s consent.

For an advice firm, this could:

• Make fact finding faster and more accurate. Instead of relying on client memory or manual document uploads, advisers could pull verified account balances, policy details and transaction histories directly.
• Reduce friction in ongoing reviews. Rebalancing risk or checking suitability becomes easier when live data feeds into your planning tools.
• Allow tailored product recommendations. With cleaner data, modelling future outcomes or comparing platforms could become more precise.
• Improve compliance evidence. If the FCA expects firms to prove good outcomes, having verifiable data trails is powerful.

The regulator is clear that it wants technology to help firms serve consumers better while keeping oversight efficient. It is investing in its own digital capabilities and simplifying authorisation processes. That sends a message: firms that embrace reliable digital data and efficient reporting are aligned with the regulator’s vision.

Implications for suitability reports and record keeping

Suitability reports already require clear evidence of a client’s circumstances, goals and risk profile. Open Finance could make this process far more data-rich:

• Automated population of key facts such as existing holdings, cash balances and product charges.
• Easier verification of affordability and risk capacity through real account data rather than client estimates.
• More dynamic updates when a client’s situation changes, supporting timely portfolio rebalancing.

For advisers, the challenge will be turning this raw data into clear, auditable advice files. Collecting more data only helps if it is well structured and easy to review.

How to prepare your firm for Open Finance now?

The FCA’s strategy gives a long lead time, but waiting until 2027 to act is risky. Advisers can begin by:

• Reviewing CRM and back-office systems for their ability to ingest data feeds securely and accurately.
• Moving away from manual transcription of meeting notes and key facts. The regulator is clear that efficient, technology-supported operations are expected.
• Training teams to work with richer, real-time data so recommendations remain clear and well documented.
• Monitoring FCA updates on Open Finance to understand the consent and security standards that will apply.

How Automwrite can help

Automwrite was built with these changes in mind. Advisers can upload documents, record meetings and have transcripts turned into structured client notes instantly. From there, the system builds FCA-compliant suitability reports aligned with a client’s current data. As Open Finance expands, having a platform that can integrate live updates and maintain clean, auditable records will matter more. It reduces manual keying, cuts error risk and helps you demonstrate to the regulator that advice is based on up-to-date, verified information.

Position Your Firm for the Smart Data Era

The FCA’s 2025–2030 strategy is more than a policy statement. It signals a market where data portability and digital operations become standard. Advisers who prepare now — by cleaning data, upgrading CRMs and automating documentation — will be better placed to thrive as Open Finance takes hold. Autumnwrite provides one practical path to that readiness, helping firms keep advice compliant, efficient and credible in an environment where the regulator expects both innovation and strong consumer outcomes.

FAQ

What is the FCA’s smart data revolution?
The Financial Conduct Authority’s 2025–2030 strategy calls for faster innovation in how financial data is shared and used. It expands on Open Banking to create broader, secure data portability across savings, pensions, insurance, mortgages and more.

What does Open Finance mean for financial advisers?
Open Finance will let advisers access verified client account data — with consent — making fact finding more accurate, portfolio reviews easier and compliance evidence stronger.

When will Open Finance be implemented in the UK?
The FCA plans to publish a roadmap within a year and aims to have the first regulatory framework for Open Finance in place by the end of 2027.

How can advisers prepare for Open Finance now?
Advisers should review their CRM and back-office systems, move away from manual data entry, and adopt technology that can integrate live client data and produce compliant suitability reports.

Why is accurate client data important for Consumer Duty compliance?
Consumer Duty requires firms to evidence good outcomes. Clean, verifiable data improves risk profiling, product recommendations and audit trails, helping firms meet regulatory expectations.