[cormac_q]

They are allowed to provide access but with a few stipulations:

Firstly, the consumer must be aware that they are sharing their data via Plaid (i.e. Plaid can't hide behind the scenes).

Secondly, there are certain exceptions for needing to be regulated by the FCA - particularly if you don't show any data back to the user.

In practice, it makes sense to be regulated by the FCA regardless because asking to share bank information/transactions with Plaid can turn users off and you're limited with what you can do with that data without being regulated/authorised.

Source: Fintech founder in the UK/Ireland.

[Nursie]

I find that surprising, given the lengths OB go to to ensure that only registered, accredited entities can participate in using their APIs. I'm not saying you're wrong, just that I find it surprising.

(Source, I consult with OB and have a hand in their PKI, I don't speak for them and I'm not part of or informed well about anything to do with the regulatory environment)