JROC reports on the future of open banking image credit: shutterstock

In January 2023, the Competition and Markets Authority announced the completion of the open banking Implementation Roadmap. This marked a pivotal milestone for open banking in the UK. It has delivered benefits to both businesses and consumers and contributed more than £4bn to the wider UK economy.

JROC – led jointly by the Financial Conduct Authority and the Payment Systems Regulator (PSR) – has set out its recommendations on the design of the future entity and the vision for open banking.

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The Future Entity will be at the heart of the open banking ecosystem. It will continue to set the standards for open banking and ensure that the foundations laid under the CMA Order are retained and progressed.

OBL Ltd chair welcomes JROC proposals

Marion King, chair of Open Banking Ltd, said: “Open Banking Ltd welcomed the publication of the Join Regulatory Oversight Committee’s (JROC) call for views on the design of the Future Entity for open banking.

JROC’s report provides much-needed clarity on the design of the Interim Entity, Future Entity, and long-term regulatory framework for open banking. Open banking has been, and continues to be, a UK success story with impressive month-on-month growth in users and payments. Its adoption in the UK has already added more than £4bn to the economy. It has attracted inward investment and created almost 5,000 highly skilled jobs.

JROC’s report, along with the recently published government Smart Data Roadmap, provides much-needed certainty to the market. It will allow for continued investment in our world-leading and customer-centric ecosystem, as it moves us forward on the journey to deliver the next phase of open banking in the UK.

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“I encourage all participants to contribute their views to ensure the future framework supports the continued delivery of innovative products and services and enables the creation of a data-driven economy. We must maintain this momentum to secure a long-lasting evolution of payment and data-sharing solutions to deliver a true public good.”