The UK’s Financial Conduct Authority (FCA) has registered Salad Finance as an official Account Information Services Provider (AISP) in an industry-first for a consumer CDFI.
The accreditation means Salad can access applicants’ Open Banking data directly rather then through a licenced partner. We access this data, with applicants’ permission, to enable us to make fair lending decisions. We already analyse the information it provides about income and expenditure ourselves via our own proprietary machine learning system, supported by our growing team.
Holding our own AISP licence shows that our security systems and processes meet the highest standards and will enable us to move forward with plans to enhance the forbearance we offer to customers at risk under Consumer Duty.
Tim Rooney, Salad’s chief executive, said:
"Quite rightly, AISP registration requires a business to demonstrate it meets very high standards across multiple areas, and it has taken Salad almost a year of effort to secure the first AISP license the FCA has ever granted to a CDFI lender. We’re thrilled that our award-winning team can now move forward with plans which will boost our customers’ financial resilience and we thank the FCA, alongside all of our customers and partners, for their trust in how we operate our business."
