We commissioned research on the current state of open banking services, to shape the UK’s open finance strategy.
Download the Research Note (PDF)
Earlier in 2025, we commissioned consultancies KPMG and Europe Economics to collate diverse views on open banking and open finance in the UK, based on desktop research of public information.
The research aimed to:
- Provide a rigorous and evidence-based understanding of the current state of open banking services in the UK.
- Inform the development of a strategic framework and theory of change for establishing open finance, and a quantification of the potential benefits that open finance could bring.
The findings summarised in this Research Note do not reflect FCA views or policy positions. Instead, they will contribute to our broader programme of work on open banking and open finance.
The note raises key trade-offs between the potential benefits of open finance, and the potential risks it could pose. This approach ensures we make balanced, risk-informed decisions that reflect the real-world complexity of the open banking and open finance markets and allow us to be a smarter, more adaptive regulator.
The note:
- Highlights key trends in how open banking is being adopted.
- Outlines what needs to be considered when designing and implementing open finance including outdated technology systems, inconsistent data standards and low consumer awareness.
- Proposes a strategy and delivery plan to guide future regulatory and industry action.
This work complements previous stakeholder engagement, including the Open Finance Sprint held in March 2025, which brought together regulators, fintechs, technology providers and consumer advocates to explore sustainable and impactful use cases. We published outcomes from the sprint in July 2025.
Next steps
Looking ahead, we will continue to build on this foundation through targeted initiatives and regulatory development, including:
Authors
Aimee Murray and Jed Buckenham
Disclaimer
Research notes contribute to the work of the FCA by providing rigorous research results and stimulating debate. While they may not necessarily represent the position of the FCA, they are one source of evidence that the FCA may use while discharging its functions and to inform its views. The FCA endeavours to ensure that research outputs are correct, through checks including independent referee reports, but the nature of such research and choice of research methods is a matter for the authors using their expert judgement. This note is provided for general information only. The FCA does not guarantee the accuracy of this note. The FCA accepts no responsibility for any errors or omissions in this note or for any action taken based on the information provided.