Design of the Future Entity for UK open banking

The FCA expects the Future Entity to be established as a not-for-profit company limited by guarantee to serve as the primary standard-setting body for open banking APIs in the UK. The entity will monitor API performance, provide directory and certification services, and oversee adherence to common standards while collecting equitable fees from users to recover costs. An Interim Entity is no longer required; instead, the FCA will hold industry workshops over summer and autumn to refine the funding model and governance structure ahead of future legislation.

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Feedback Statement
FS25/4
Design of the Future Entity for
UK Open Banking
August 2025

Contents
Chapter 1 Summary Page 3
Chapter 2 Feedback received to JROC’s proposals . . . . . . . . . . . . . . . . . . .Page 7
Chapter 3 Our vision for the Future Entity in the open banking ecosystem . . . Page 19
Annex 1 Supporting development of a new commercial scheme for VRP . . . . Page 24
Annex 2 Abbreviations used in this paper . . . . . . . . . . . . . . . . . . . . . . . . .Page 27
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Lineage: In force

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Source: Financial Conduct Authority — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works