The FCA has written to trade associations on the processes for establishing a Future Entity, as part of the development of the open banking ecosystem. As set out in its 2025 feedback statement, the FCA expects Future Entity to be the primary standard-setting body for open banking application programming interfaces (APIs) in the UK.
The letter flags that Open Banking Limited and the Smart Data Group are both interested in coordinating industry activities to establish a body capable of taking on the Future Entity role. The FCA encourages industry participants to engage with both organisations to decide which option should lead the next phase of work, and invites them to share their views with the FCA no later than 30 January 2026.
Separately, the FCA will commission an independent assessment of the proposals, or if the industry is able to agree on one proposal, an assessment of the support proposal.