By Miles receives FCA ‘open banking’ licence
InsurTech will be able to access the financial data of consenting customers.
By Miles has announced that it has received an ‘open banking’ licence from the Financial Conduct Authority (FCA).
The licence allows the InsurTech to view to a wider range of financial data from consenting customers.
By Miles said the move would assist vulnerable customers who may have otherwise not been able to take out a policy, as well as enabling more flexible payment methods for existing customers.
The firm said receiving authorisation was evidence of its “comprehensive approach to data
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