The FCA has published an independent assessment report prepared by KPMG on proposals to lead the establishment of a future open banking standards-setting body.
This independent assessment was commissioned to support decision making at a time when industry is leading the development of arrangements for a standards-setting body capable of becoming the Future Entity (FE), subject to any future legislative framework. It was developed and carried out independently by KPMG.
KPMG have engaged with Open Banking Limited, Smart Data Group, members of the independent evaluation panel, and wider industry stakeholders.
The report is being published to ensure broad and transparent access for stakeholders across the open banking ecosystem. It is intended to support industry considerations for next steps for the Future Entity.
In the coming weeks, the FCA will publish an additional report prepared by KPMG, setting out considerations relevant to how the Future Entity could be operationalised.
We recognise the importance of timely, coordinated progress and expect industry to set out how it wishes to proceed with next steps promptly. The FCA is ready to support the next stage of the process.