Intelliflo gains FCA authorisation for Open Banking

This capability, available via the Personal Finance Portal, enables advisers' clients to review the daily balances on their bank and other accounts, providing them with a holistic overview of their finances.

Intelliflo already has an integration with Yodlee, providing client data via screen scraping. It was required to gain authorisation to continue to carry out this activity, in line with the Payment Services Directive (PSD2) which comes into force in September 2019.

The FCA registration means Intelliflo can expand its use of Open APIs that enable third-party developers to build applications and services that deliver enhanced connectivity for advisers' clients to a broad range of financial products and services.

Nick Eatock, Intelliflo's founder and executive chairman, commented: "Being able to integrate bank account information into the Personal Finance Portal via Open Banking means our adviser customers will be in a position to offer their clients a full overview - and full control - of their finances. We firmly believe that this service represents a step forward in the way that UK investors are able to access and interact with their finances, better enabling them to control their outgoings and savings from one central hub.

"Crucially, it also enables a more holistic view for the adviser in terms of the FCA's Know Your Customer (KYC), which helps advisers to deliver good advice outcomes. It is also a significant step forward in helping support the ongoing suitability requirements of MiFID II."