FS21/7: Open finance – feedback statement

We summarise the feedback we received to our
Call for Input in December 2019. This explored the opportunities and risks from open finance, as well as how to ensure it develops in consumers’ interests and the role we could play.

Read FS21/7 (PDF)

In this feedback statement we set out the responses we received to the following areas:

maximising the potential of open banking

key themes and issues for open finance – including its risks and benefits, feasibility and cost, the necessary regulatory framework, common standards and infrastructure

our draft principles for open finance

our role and next steps

Who this applies to

This feedback statement will be of interest to:

consumers

banks

building societies and credit unions

consumer credit firms

electronic money and payment institutions

financial advisers

fintech and innovative businesses

general insurers and intermediaries

investment managers

life insurers and pension providers

mortgage lenders and intermediaries

Background to this feedback statement on open finance

In our
2019/20 Business Plan we committed to leading the public debate on open finance and to setting up an advisory group to help drive forward our future strategy. This group is made up of industry experts, consumer and business representatives, academics and government departments. Its advice informed our Call for Input.

Since we published our Call For Input, the Government and industry have made progress on several open finance and open data-related initiatives. We’ve summarised this progress in the feedback statement.

Next steps

We will support the Government as it considers the timing, scope and nature of legislation on open finance. We will do this through:

sharing our lessons from the implementation and supervision of open banking and the development of Pensions Dashboards

working with the Government and industry stakeholders to identify what industry roadmaps are needed to support legislation

helping convene industry-led efforts to develop common standards to support open finance

assessing the regulatory framework that would be needed to support open finance

supporting discussions on the future operating model for the Open Banking Implementation Entity (OBIE)

Was this page useful?

Yes

No

What can we do to improve pages like this?

What did you find helpful?

Leave this field blank