UK Regulators to Establish a Joint Agency to Oversee Open Banking

HM Treasury, the CMA, the Financial Conduct Authority (FCA) and the Payment Systems Regulator (PSR) have published a joint statement which sets out their plan to establish a Joint Regulatory Oversight Committee to oversee the development of Open Banking beyond the scope of the CMA's Open Banking remedies.

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This joint statement sets out the plans of HM Treasury, the CMA, the FCA and the PSR for oversight of a new entity to succeed the Open Banking Implementation Entity (OBIE).

HM Treasury, the FCA, the PSR and the CMA agree that the future entity should:

• ​have effective regulatory oversight, with a new Committee, led jointly by the FCA and PSR, to consider the entity's vision, governance and priorities;

• ​be independent, well-governed and underpinned by a set of values and cultures that include an emphasis on integrity and promoting ethical behaviours;

• ​play a central role in delivering new proposals beyond those required by existing regulations;

• ​be adequately resourced to carry out its functions through a more broadly-based and sustainable funding model;

• ​effectively serve the interests of consumers and businesses, including consideration for how these groups will be represented on the Board.