We have published a letter to trade associations to provide an update in the development of a Future Entity (FE) for open banking.
The letter[1] confirms the appointment of KPMG to provide an independent assessment of proposals to establish a standards-setting body for UK open banking APIs that is capable of becoming the Future Entity. It explains the purpose and scope of the assessment, the respective roles of the FCA, industry, trade associations and the independent assessor, and how firms can engage in the process.
We are publishing the letter to ensure transparency and broad access to information across the open banking ecosystem. The independent assessment will support decision-making at a time when the FCA does not yet have legislative powers to oversee a Future Entity.