Skip to content

News

JROC invites feedback on the Future Entity for UK open banking

National Audit Office launches review of FCA's effectiveness
Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn

The Joint Regulatory Oversight Committee (JROC) has recently published proposals for the future open banking entity (the Future Entity). This follows consultation with industry through the Future Entity Working Group, which presented its findings to JROC in December 2023.    

The Future Entity will create a structure that promotes further innovation and functionality along with consumer protection.

The proposals ask firms to comment on the Future Entity’s recommended structure, governance, and funding for both its interim and longer-term model.

The co-chairs of the Committee, PSR Managing Director, Chris Hemsley, and FCA Executive Director, Consumers and Competition, Sheldon Mills said:

“Open Banking continues to be a great UK success story. JROC’s proposals for a future entity which delivers the next phase of open banking will enable the UK’s world leading financial and technology industries to further harness the opportunity that open banking presents.” 

JROC welcomes feedback on the questions outlined in the proposals and will finalise the recommendations in relation to those areas once responses have been considered.

Stakeholders are invited to feed back by 20 May 2024.

 

Source: Payment Systems Regulator

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn

Related Posts

What’s happening with the FCA and AML?

With the change in the anti-money laundering (AML) supervisory approach of the Financial Conduct Authority (FCA), many firms are nervous about whether they will face FCA scrutiny and what to
Read More >

Reminder: Consumer Duty board reports due 31 July 2024

As the one-year mark of the Consumer Duty’s implementation approaches, firms are reminded that the first board reports on Consumer Duty implementation and outcomes are due by 31 July 2024.
Read More >