EU Commission carried out inspections over limits to accessing bank accounts

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The European Commission has released a statement saying that it had undertaken inspections into some EU members over banks having alleged anti-competitive practices. Such practices were limiting competitor financial firms from obtaining online access to information about their customer’s accounts.

The Commission said that it had “concerns” regarding the respective entities which may have been involved in anti-competitive practices which is in violation of EU antitrust rules.

It then went on to say that the banks could have stopped non-bank competitors from gaining online access to their accountholders information to provide financial services, despite having attaining prior authorization from the clients.

The Commission said that the unannounced inspections were undertaken on Tuesday the 3rd of October. Notably, antitrust inspections are merely initial steps into alleged practices that may not result in final accusations.

Fintech (Financial Technology) business had already complained about banks limiting their access to clients. Fintech firms provide lending, payment and other kinds of services.