The Financial Conduct Authority is looking into 'open finance' which would make it easier for consumers and businesses to compare price and product features and switch product or provider.

The FCA believes 'open finance' could be particularly beneficial in the general insurance, cash savings and mortgage markets, and could help to spur innovation and boost efficiencies for business.

It said 'open finance' builds on the principles of open banking - the sharing of data which provides new ways for customers and businesses to make the most of their money - and it would extend those principles to a wider range of products.

Christopher Woolard, FCA executive director of strategy and competition, said: "Data and technology are increasingly driving changes in financial markets. As a regulator, we need to understand how this change will shape markets and shape regulation in the future.

'We want to understand how open finance can develop to best meet consumers’ needs and enhance competition in the interests of consumers. We also want to understand what role we should play in supporting it."

The FCA's call for input (CFI) has launched today and will remain open until March 17.

The FCA's feedback statement will then be published in summer 2020.