Liability Frameworks in Open Finance: Enabling Trust and Participation

Open finance empowers consumers to share their financial information to financial service providers to support innovation and competition in financial services. To establish confidence in open finance it is important to be clear who is liable when something goes wrong.  A clear liability framework should be part of the initial set of rules establishing open finance, to ensure trust and consumer protection and create legal certainty of the perimeters of risk and responsibility for participants.