Joint statement by HM Treasury, the CMA, the FCA and the PSR to update on the future of Open Banking
HM Treasury, the CMA, the Financial Conduct Authority (FCA) and the Payment Systems Regulator (PSR) have published a joint statement which provides an update on the work of the Joint Regulatory Oversight Committee on the future of UK Open Banking.
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This joint statement provides an update on the plans of HM Treasury, the CMA, the FCA and the PSR for the vision of the future of Open Banking and proposals for a new entity to succeed the Open Banking Implementation Entity (OBIE).
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.