Bank Services
The question
To ask the Chancellor of the Exchequer, what recent progress she has made on establishing the future entity for open banking.
Answered by Lucy Rigby
The government committed has committed to bring forward a statutory instrument this year to support the delivery of a long-term regulatory framework for Open Banking, ensuring continued growth and innovation in the sector.
The Future Entity will be an important part of this framework and act as the standards-setting body for UK open banking. The FCA has commissioned a consultancy to assess proposals from organisations proposing to lead the establishment a body that is capable of becoming the Future Entity. The process will finish in April.
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