We summarise the feedback we received to our Call for Input in December 2019. This explored the opportunities and risks from open finance, as well as how to ensure it develops in consumers’ interests and the role we could play.
In this feedback statement we set out the responses we received to the following areas:
- maximising the potential of open banking
- key themes and issues for open finance – including its risks and benefits, feasibility and cost, the necessary regulatory framework, common standards and infrastructure
- our draft principles for open finance
- our role and next steps
Who this applies to
This feedback statement will be of interest to:
- consumers
- banks
- building societies and credit unions
- consumer credit firms
- electronic money and payment institutions
- financial advisers
- fintech and innovative businesses
- general insurers and intermediaries
- investment managers
- life insurers and pension providers
- mortgage lenders and intermediaries
Background to this feedback statement on open finance
In our 2019/20 Business Plan we committed to leading the public debate on open finance and to setting up an advisory group to help drive forward our future strategy. This group is made up of industry experts, consumer and business representatives, academics and government departments. Its advice informed our Call for Input.
Since we published our Call For Input, the Government and industry have made progress on several open finance and open data-related initiatives. We’ve summarised this progress in the feedback statement.
Next steps
We will support the Government as it considers the timing, scope and nature of legislation on open finance. We will do this through:
- sharing our lessons from the implementation and supervision of open banking and the development of Pensions Dashboards
- working with the Government and industry stakeholders to identify what industry roadmaps are needed to support legislation
- helping convene industry-led efforts to develop common standards to support open finance
- assessing the regulatory framework that would be needed to support open finance
- supporting discussions on the future operating model for the Open Banking Implementation Entity (OBIE)