Nikhil Rathi, FCA chief executive, said the regulator will probe Big Tech firms’ access to financial data to question how it could improve outcomes for consumers and business.

Financial Planning and cashflow modelling software provider Voyant is to use data platform Moneyhub’s open banking and open finance APIs throughout its adviser systems.

Hargreaves Lansdown has added a ‘pay by bank’ service as its first move into Open Banking.

The FCA, and its sister body the Payment Systems Regulator (PSR), are to lead a study into setting up a regulator of Open Banking.