Treasury, the CMA, FCA and PSR have issued a joint statement updating on their work on Open Banking. The Joint Regulatory Oversight Committee created in March is currently focussing on making recommendations for the design of the future Open Banking entity to replace the OBIE. The idea is that the OBIE will transition to the new entity next year, and ultimately the activities of the new entity covered by the Order will continue to be overseen by the CMA, with the rest of its work overseen by the Committee. The Committee wants to ensure that the momentum of Open Banking is maintained, and wants to unlock its potential. The Committee will set out its recommendations for the design of the entity in its interim and long-term state and its vision for Open Banking, during Q1 2023.
