Co-Chairs of the Joint Regulatory Oversight Committee welcome the Strategic Working Group report

The FCA, as co-chair of the Joint Regulatory Oversight Committee (the committee), a cross-authority taskforce responsible for, among other things, thinking about the future vision and governance of open banking, welcomes the Strategic Working Group (SWG) report published today.

The FCA would like to thank Bryan Zhang, independent chair of the SWG, the SWG secretariat and all participants for their views, insights and extensive analysis that will inform the committee’s views and recommendations on the vision for open banking.

The committee is determined to ensure that the benefits of open banking are fully realised, and momentum is sustained.

The industry and other key stakeholders, including consumer and business representatives, play an instrumental role in delivering these outcomes. The committee is keen to work closely with relevant stakeholders, through further engagement (e.g. workshops), to shape the future development of open banking. To support this, the committee convened the SWG in August 2022. The SWG is a non-decision-making consultative forum for industry and stakeholders to input into the vision and strategic roadmap for the future development of open banking.

The committee aims to publicly set out its recommendations relating to the vision for open banking, alongside the design of the future entity in Q1 2023. We expect it to include a roadmap to deliver that vision. Ahead of that publication, we are keen to continue engaging with industry and broader stakeholders. Open banking can only deliver its full potential if authorities and broader stakeholders work together. Further detail will be announced in due course.

Sheldon Mills, FCA’s Executive Director, Consumers and Competition, and PSR’s Managing Director, Chris Hemsley, said:

'Open banking and its future continue to be a joint priority. As the SWG’s work ends with the report, the committee’s work on open banking and engagement with industry and broader stakeholders continue. 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.’