Australian banking sector to come under review

It will be lead by King & Wood Mallesons partner Scott Farrell.

Business Insider Australia reported that Australian federal treasurer Scott Morrison has announced an independent review into open banking to advise the government on the best way to open up financial data to consumers.

Morrison said in a statement that open banking aims to provide Australians “greater access to their own banking data” and has the potential to transform the way people interact with financial institutions.

King & Wood Mallesons partner Scott Farrell has been appointed to lead the review, which is due to report back by the end of the year.

Read the full story here.