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 progress made to date by the OBIE to encourage innovation and support competition in retail banking.
The CMA, HM Treasury, the Financial Conduct Authority (FCA), and Payment Systems Regulator (PSR) have also published a joint statement outlining their plans for oversight of the future entity, building on the CMA’s recommendations, including the establishment of a Joint Regulatory Oversight Committee.
As of January 2022, there were over 5 million users of services powered by Open Banking technology in the UK. It has been estimated that by September 2023, 60% of the UK population will be using Open Banking payments.
The CMA launched a public consultation on the future oversight of Open Banking in March 2021. The consultation sought views on what arrangements should be put in place to ensure effective oversight and governance following the implementation of the remaining measures in the Roadmap required under the CMA’s Order for Open Banking; and how the CMA should manage the transition process towards this new governance model. The CMA has carefully considered the responses to the consultation ahead of publishing its response.
The CMA’s recommendations are that the future entity should:
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