The FCA has published a research note it commissioned to collect views on open banking and finance in the UK. It wanted a good understanding of the current state of open banking to help to inform future development.
The note looks at the risks and benefits of open finance and suggests a strategy and delivery plan for future action.
The FCA plans to build on the report and the results of its Open Finance Sprint earlier this year, and has in mind several targeted initiatives, including:
- SME Finance and Mortgages TechSprints, to be launched soon
- cross-sector and cross-border testing
- roadmaps and regulatory framework designs
- the future entity development
- legislative implementation, specifically to check that the powers in the Data Use and Access Act will enable effective regulation.