HM Treasury, the Competition and Markets Authority (CMA), the Financial Conduct Authority (FCA) and the Payment Systems Regulator (PSR) have published a joint statement[2] on the future of Open Banking.
Open Banking has led to greater competition and innovation in UK retail banking, bringing real benefits to consumers and businesses. The Government and regulators are committed to supporting the continued growth of Open Banking.
This joint statement sets out that HM Treasury, the CMA, the FCA and the PSR are working together to provide a vision and propose a constitution for the future open banking entity, ensure a smooth transition from the Open Banking Implementation Entity, and oversee the new entity once it is set up. It also announces the creation of a joint regulatory oversight committee led jointly by the FCA and the PSR to deliver this.
The CMA publishes at the same time its response to the CMA consultation[3] on the future oversight of Open Banking.
Sheldon Mills, Executive Director, Consumers and Competition, of the FCA, said: 'Open Banking is delivering real benefits for consumers and businesses. As co-chair of a new oversight committee, my focus will be on maintaining the progress it has so far achieved in encouraging innovation and competition.'