A brand new open banking working group will likely be established by the tip of the month, with the Monetary Conduct Authority (FCA) as chair.
A brand new replace from the Joint Regulatory Oversight Committee (JROC) has outlined an “formidable programme of labor to take ahead suggestions for the following part of open banking within the UK.”
This may embrace establishing a brand new working group to design the function, construction and funding of a future open banking entity as a part of the transition away from the Open Banking Implementation Entity.
Learn extra: FCA updates on open banking progress
The working group will report back to the JROC by the tip of September 2023 and the JROC will publish its views in an replace in the direction of the tip of 2023.
A separate working group will likely be established this month to take a look at variable recuring funds (VRP). This group will likely be chaired by the Cost Methods Regulator (PSR).
“Now that we now have a roadmap in place to ship on the following part of open banking, it’s very important that we work collaboratively and at tempo to progress the important thing priorities we recognized,” stated the JROC’s co-chairs, Chris Hemsley, managing director of the PSR; and Sheldon Mills, govt director of shoppers and competitors on the FCA.
Learn extra: OBL will proceed to guide open banking transition
“These devoted workstreams, together with the 2 new working teams on VRP and the long run entity, will ensure the proper foundations are in place for open banking to develop in a secure and sustainable manner.”
The JROC has tasked Open Banking Restricted to guide and co-ordinate workstreams on numerous key themes deemed to be important to the way forward for open banking within the UK.
These themes embrace: levelling up availability and efficiency of open banking; mitigating the dangers of monetary crime; growing proposals for dispute processes; and bettering info flows to 3rd occasion suppliers and finish customers.
Learn extra: Revealed: Secret talks underway to roll again monetary promotion guidelines