HM Treasury, CMA, FCA and PSR joint statement to update on the future of open banking

The joint regulatory oversight committee, a cross-authority committee responsible for, among other things, thinking about the future vision and governance of open banking, has published a joint statement.

The committee is co-chaired by the FCA and the Payment Systems Regulator (PSR), with HM Treasury and the Competition and Markets Authority (CMA) as members.

Open banking has a continuing role in promoting greater competition and innovation for the benefit of consumers, businesses and the wider economy, as well as maintaining the UK's international competitiveness and leadership in the field. This will enable new services that consumers and businesses value and trust, and which support sustainable economic growth. The Government and regulators remain committed to supporting the continued growth of open banking.

The joint statement updates on the work of the committee, including emerging thinking on the vision and design of a future open banking entity, ahead of a further statement in Q1 2023 setting out the common authorities' views and recommendations.

The co-chairs of the committee, FCA's Executive Director, Consumers and Competition, Sheldon Mills, and PSR's Managing Director, Chris Hemsley, said:

'Open banking and its future continue to be a priority for the FCA and the PSR. Together with the committee and industry, we are committed to its continued growth and evolution. Fully realised, open banking and then open finance can bring further benefits to consumers and businesses and will help the UK become more competitive and innovative.

'This means supporting new use cases, promoting innovation and competition in data sharing and payments, and setting the vision for future developments. We will, with the other members of the committee, work closely with industry and broader stakeholders to establish a future entity that will deliver these outcomes.'