UK Government Publishes Recommendations for the Next Phase of Open Banking

HM Treasury | Release | April 17, 2023

Image: JROC report

The Joint Regulatory Oversight Committee (JROC) has published its recommendations for the next phase of open banking in the UK.

• The Joint Regulatory Open Banking Committee (JROC) consists of HM Treasury, the Competition and Markets Authority, the Financial Conduct Authority (FCA), and the Payment Systems Regulator (PSR), with the FCA and PSR serving as co-chairs.
• JROC plays a crucial role in advancing open banking in the UK, which currently has over 7 million active users. This expansion will create opportunities for new products and services, allowing consumers and businesses to share data and make payments more efficiently.

See:  Update on the Future of Open Banking in the UK by Joint Regulatory Committee

• The committee’s recommendations include a two-year roadmap with five key themes:
  • Improving availability and performance
  • Mitigating financial crime risks, ensuring consumer protection
  • Enhancing information flows to third party providers (TPPs) and end users
  • Promoting additional services using non-sweeping variable recurring payments (VRP) as a pilot.
• Additionally, JROC outlines its vision for the open banking future entity and the transition from the Open Banking Implementation Entity (OBIE), as well as the principles for a long-term regulatory framework, which the government plans to legislate.

View the original release –> here

Download the 50 page PDF report –> here

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