CMA consults on future oversight of open banking

The CMA has published a consultation paper seeking views on what arrangements it would be appropriate to put in place to ensure the effective oversight and governance of open banking following the implementation of the requirements detailed in the Retail Banking Market Investigation Order 2017 and how the transition to a new governance model should be managed.

In the paper, the CMA outlines the principal features that it considers these oversight arrangements must exhibit as well as a detailed set of proposals submitted to the CMA by UK Finance.

The CMA is specifically seeking views on the monitoring proposals and transitional arrangements detailed in the paper.

The CMA invites responses by email until 29 March 2021.

Duncan Scott