Financial Services
The question
To ask the Chancellor of the Exchequer, whether she plans to consult on bringing forward legislative proposals to introduce open finance under the Data (Use and Access) Act 2025.
Answered by Emma Reynolds
The National Payments Vision, published in November, set out the government’s ambitious plans for the next phase of Open Banking, building on the UK’s leadership in this area. This includes steps towards delivering seamless, Open Banking enabled, account-to-account payments.
The government intends to use powers in the ‘Data (Use and Access) Act’ to put in place a long-term regulatory framework for Open Banking. This will also secure the foundations for Open Finance, by establishing the necessary oversight functions within the FCA to regulate ‘Smart Data’ schemes.
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