Update on the Future of Open Banking in the UK by Joint Regulatory Committee

FCA | Dec 16, 2022

Open Banking banner  - Update on the Future of Open Banking in the UK by Joint Regulatory Committee

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

  • Commitment to competition and innovation:  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.

See:  Canada’s Open Banking Journey: Working Group Meeting Updates

  • The Future:  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.
  • Priorities: HM Treasury, the FCA, the PSR and the CMA are determined to ensure that the benefits of Open Banking are fully realised and momentum is sustained. The three priority areas to achieve this are unlocking the potential of Open Banking payments, adopting a scaleable model, and establishing a sustainable footing for the ongoing development of the Open Banking ecosystem. They agree that the future entity should:
    • Have effective regulatory oversight, with a new long-term regulatory framework to govern the ecosystem;
    • Have a broad-based and equitable funding model;
    • Be independent, well-governed and underpinned by a set of values and cultures that include an emphasis on integrity and promoting ethical behaviours.

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.

See:  Canada’s Open Banking Journey: Interview with Huw Davies, Chief Commercial Officer OZONE API (UK)

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.

Continue to the full article --> here


NCFA Jan 2018 resize - Update on the Future of Open Banking in the UK by Joint Regulatory CommitteeThe National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

Latest news - Update on the Future of Open Banking in the UK by Joint Regulatory CommitteeFF Logo 400 v3 - Update on the Future of Open Banking in the UK by Joint Regulatory Committeecommunity social impact - Update on the Future of Open Banking in the UK by Joint Regulatory Committee

Support NCFA by Following us on Twitter!







NCFA Sign up for our newsletter - Update on the Future of Open Banking in the UK by Joint Regulatory Committee




 

Leave a Reply

Your email address will not be published. Required fields are marked *

five × 3 =