Advisory Group on Open Finance

We set up the Advisory Group on Open Finance to discuss the potential of extending Open Banking-like data-sharing to a wider range of financial products.

In our Business Plan, we committed to setting up an advisory group to drive forward the future strategy of Open Finance while taking stock of Open Banking successes. The group met for the first time on 29 July 2019.

The revised Payment Services Directive (PSD2) mandated the right of access to payment account data to increase innovation and competition in the payments sector. Together with Open Banking, it enables customers to consent to third parties accessing their payment account information or to make payments on their behalf.

Open Finance could build on this by enabling similar access to a wider range of financial products. It could, for example, improve the financial health of consumers and businesses by enabling them to see all of their accounts from different suppliers in one place and helping them to manage savings, loans, investments and pensions. It could facilitate switching products or transferring funds between products to maximise the interest received, possibly doing so automatically. It could also facilitate access to financial advice and credit.

Advisory Group membership

The Advisory Group consists of industry experts, consumer and business representatives, as well as academics and government departments. Over the coming months, the Advisory Group will consider:

  • how Open Finance will develop
  • barriers to its development
  • the ethical and practical issues around data sharing

Sheldon Mills, chair of the Advisory Group and Director of Competition at the FCA, said:

'Open Finance has the potential to revolutionise the way financial markets work for consumers, delivering significant consumer benefits, improving competition within financial services sectors and spurring greater innovation. We want to ensure that Open Finance develops in the interest of consumers and competition. Establishing the Advisory Group will help us achieve this.'

The Advisory Group will continue to meet over the coming months. Its work will inform the FCA’s Call for Input, which will shape the FCA’s strategy towards Open Finance, to be published later in 2019.

Advisory Group members:

Name

Role on Advisory Group

Sheldon Mills

Chair

Mark Bailie

Member

Liz Brandt

Member

Mark Chidley

Member

Matt Cullen

Member

Chris Curry

Member

John Fingleton

Member

Amelia Fletcher

Member

Imran Gulamhuseinwala

Member

Rob Harding Member
Janine Hirt Member

Gavin Littlejohn

Member

Philip Marsden

Member

Liz McFall

Member

Ruth Milligan

Member

Faith Reynolds

Member

Bill Roberts Member

Shefali Roy

Member

Miguel Sard

Member

Anya Skatova

Member

Gavin Starks

Member

David Tracy

Member

James Whittle

Member

Haris Irshad (BEIS)

Observer

Laura Mountford (HMT)

Observer

Simon McDougall (ICO)

Observer