Policy paper

Joint statement by HM Treasury, the CMA, the FCA and the PSR on the future of Open Banking

HM Treasury, the CMA, the Financial Conduct Authority (FCA) and the Payment Systems Regulator (PSR) have published a joint statement which sets out their plan to establish a Joint Regulatory Oversight Committee to oversee the development of Open Banking beyond the scope of the CMA’s Open Banking remedies.

• From: Competition and Markets Authority, HM Treasury, Financial Conduct Authority and Payment Systems Regulator
• Published: 25 March 2022

This was published under the 2019 to 2022 Johnson Conservative government

Documents

Joint statement by HM Treasury, the CMA, the FCA and the PSR on the future of Open Banking

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Details

This joint statement sets out the plans of HM Treasury, the CMA, the FCA and the PSR for oversight of a new entity to succeed the Open Banking Implementation Entity (OBIE).

HM Treasury, the FCA, the PSR and the CMA agree that the future entity should:

• have effective regulatory oversight, with a new Committee, led jointly by the FCA and PSR, to consider the entity’s vision, governance and priorities;
• be independent, well-governed and underpinned by a set of values and cultures that include an emphasis on integrity and promoting ethical behaviours;
• play a central role in delivering new proposals beyond those required by existing regulations;
• be adequately resourced to carry out its functions through a more broadly-based and sustainable funding model;
• effectively serve the interests of consumers and businesses, including consideration for how these groups will be represented on the Board.”

Press release: Next steps on future oversight of Open Banking announced

Published 25 March 2022