UK regulatory bodies have formed a strategic working group (SWG) to map out the future of open banking.
The Joint Regulatory Oversight Committee (JROC), a cross-authority taskforce convened by the Competition and Markets Authority in March, was established to build on the progress of open banking under a new regulatory regime that will sunset the the Open Banking Implementation Entity (OBIE) in favour of a new body, with a more broadly-based funding and governance mode.
The Financial Conduct Authority and the Payment Systems Regulator have recruited Bryan Zhang, co-founder and executive director of the Cambridge Centre for Alternative Finance at the University of Cambridge Judge Business School, as chair of the working group. Other appointments will be made from industry representatives, subject matter experts and other stakeholders, such as consumers and businesses.
In addition, the FCA and the PSR have tasked the OBIE with supporting the establishment of the SWG by securing the necessary funding from its existing transition budget.
Writing to the Committee, OBIE head Charlotte Crosswell states: “As the Open Banking Implementation Entity prepares for transition to a future state, it will be important for both me as Trustee, and the OBIE, to work closely with JROC to define and deliver a future entity that not only meets the ongoing requirements of the CMA Order, but the priorities outlined in your Joint Regulatory Statement published in March.”