HM Treasury, CMA, FCA and PSR joint statement to update on the future of open banking
December 20, 2022
On 16 December 2022, the FCA, Payment Systems Regulator, HM Treasury and the Competition and Markets Authority published a joint statement providing an update on their plans for the vision of the future of open banking and proposals for a new entity to succeed the Open Banking Implementation Entity. In the statement the regulators confirm their determination to ensure that the benefits of open banking are fully realised and momentum is sustained. They also set out their expectations as to what the entity’s key responsibilities will be and describe three fundamental components for the design of the entity.