Next steps on future oversight of Open Banking announced
April 14, 2022
On 25 March 2022, the Competition and Markets Authority (CMA) published its recommendations for the future oversight and governance of Open Banking. The CMA’s recommendations will be taken into consideration in the design of a future entity to succeed the Open Banking Implementation Entity (OBIE). The future entity would build on the significant progress made to date by the OBIE to encourage innovation and support competition in retail banking. Among other things the CMA recommends that the future entity should have effective regulatory oversight, with a new joint regulatory oversight committee to agree and implement the next steps led jointly by the Financial Conduct Authority (FCA) and Payment Systems Regulator (PSR).