Open finance has the potential to be the next major step in the UK’s smart data revolution. Our roadmap sets out a clear path to move open finance from vision to delivery between now and 2030.
Banking and financial services occupy a central place in the Government’s Smart Data Strategy[2], and open finance will be a critical enabler for developing smart data schemes across sectors.
Enabling open finance to develop is also one of our priorities. In our strategy for 2025 to 2030[3], we committed to setting out a delivery plan to help unlock open finance.
Open finance can offer significant benefits, such as:
- Giving consumers and small and medium-sized enterprises (SMEs) greater control over their own financial data, and unlocking faster and more personalised financial services.
- Stronger competition and greater incentives for firms to innovate and invest.
- Supporting wider economic growth across the economy.
We’re building on the foundations of open banking and international experience, to make sure open finance develops in a way that is secure, trusted and proportionate.
Our plans for open finance to 2030
Our roadmap aims to be pragmatic, evidence-led and collaborative.
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2026: collaboration to prioritise what open finance should deliver
- Prioritise high-impact use cases where open finance can deliver benefits most quickly, starting with lending to SMEs, and improving consumers’ access to mortgages.
- Build robust evidence through sprints and structured experiments, testing what works in practice and where barriers remain.
- Draw on stakeholder expertise and insights to identify the impact of future use cases on consumer outcomes, competition, growth and innovation.
- Work closely with industry, consumer groups and the Government to assess delivery models, incentives and the role of industry-led solutions.
- Invite views on how our regulations can unlock benefits for consumers, businesses and firms, and promote the safe and responsible adoption of open finance, starting with a discussion paper on the first scheme.
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2027: framework design and coordination
- Use the evidence from earlier phases to shape options for the long-term regulatory framework for open finance, and seek views on these.
- Identify where common frameworks, shared infrastructure or governance arrangements are needed to unlock benefits at scale.
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2028 to 2030: scale and deliver
Our longer-term activities, taking us up to 2030, will support scaling up and delivery:
- Collaborate with industry on the launch of sustainable open finance schemes with clear governance, high standards of consumer protection and interoperability.
- Review our priorities as markets evolve, new technologies emerge, and we identify more high-impact use cases.
