JROC seeks input on design of future entity for open banking

Further to its April 2023 recommendations for the next phase of open banking in the UK, the Joint Regulatory Oversight Committee has published its proposals for the design of the future entity for open banking, which will ultimately replace the implementation entity (Open Banking Ltd).

The proposals cover:

• structure and governance;
• funding options;
• the role of the future entity; and
• JROC’s role.

The proposals also suggest the immediate creation of an “interim entity”, which JROC anticipates will be needed for at least 18 months, before the full transition to the future entity occurs.

JROC asks for comments by 20 May 2024.