UK regulators have started forming a strategic working group (SWG) to formulate the future of open banking
The Joint Regulatory Oversight Committee (JROC), co-led by the Financial Conduct Authority (FCA) and Payment Systems Regulator (PSR), have appointed a chair of the SWG. The body will design the roadmap for open banking and account-to-account payments under a new regulatory regime. The new working group will have a more broadly-based funding and governance mode.
Regulators have nominated Bryan Zhang, co-founder and executive director of the Cambridge Centre for Alternative Finance at the University of Cambridge Judge Business School, as the chair of the working group. Other members will be selected from industry representatives, subject matter experts and other stakeholders, such as consumers and businesses.
Besides, the FCA and the PSR have tasked the soon-to-be-extinct Open Banking Implementation Entity (OBIE) with supporting the establishment of the SWG by securing the necessary funding from its existing transition budget. The role of a non-decision-making SWG is to facilitate the committee’s engagement with the industry and stakeholders and help in designing the new regulator and the strategic priorities.