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ARTICLE · 18 AUGUST 2025

FCA Issues Feedback On Design Of The Future Entity For UK Open Banking

Lewis Silkin
Lewis Silkin
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Lewis Silkin

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The FCA has issued feedback on the Joint Regulatory Oversight Committee (JROC) consultation on the design of the future open banking entity (the Future Entity).

United KingdomFinance and Banking
Wendy Saunders
Wendy Saunders
Helen Hart
Helen Hart
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The FCA has issued feedback on the Joint Regulatory Oversight Committee (JROC) consultation on the design of the future open banking entity (the Future Entity).

Significant progress in open banking

The National Payments Vision (NPV) named the FCA as the lead regulator to progress open banking. The JROC has now been wound down.

The FCA says that open banking can support its priorities, which are driving growth, simplifying regulation, making peoples' financial lives better and fighting crime.

There has been significant progress in open banking over the last 12 months, including the Data (Use and Access) Act 2025 receiving Royal Assent.

Over the past six months, while legislation progressed through Parliament and reflecting the priorities set out in the NPV, the FCA has closely monitored an industry-led initiative that will create a new industry-owned body. The new body will run a commercial scheme designed to enable the rollout of variable recurring

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