UK Finance, the sector's principal trade association, will publish a report setting out its plans to comply with a series of requirements imposed by the Competition and Markets Authority (CMA) five years ago. In the wake of that order, CMA9, the nine largest banks in UK, agreed to pay for the Open Banking Implementation Entity, which oversaw the initial phases of the system's adoption in the UK.
The new service company is expected to pave the way for the Open Banking model to be extended to other products, including consumer credit, insurance, mortgages, pensions, and savings. Doing so would involve an expansion of the industry's adoption of open finance and smart data frameworks.
Still, it is unclear what the new not-for-profit company's annual budget would be or how it would be split between the nine participating lenders.
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