FCA | Dec 16, 2022

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:

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