The Joint Regulatory Oversight Committee (JROC), a cross-authority taskforce committed to the continued development of open banking, has published a joint statement providing an update on the committee’s progress.
The committee is led jointly by the Payment Systems Regulator (PSR) and Financial Conduct Authority (FCA), with HM Treasury and the Competition and Markets Authority (CMA) as the other members.
The joint statement provides an update on the work of the JROC, including the vision for open banking and emerging thinking on the design of the future entity. In the first quarter of 2023, the committee will publish a further statement, which will set out the common views of the authorities and their recommendations and is expected to include a roadmap.
Open banking has an important role in continuing to promote greater competition and innovation for the benefit of consumers, businesses and the wider economy, as well as maintaining the UK’s international leadership in this field. This includes the further unlocking of open banking payments to create greater choice between payment methods and enabling exciting opportunities for more efficient, tailored services. This will enable new services that consumers and businesses value and trust, and which support sustainable economic growth, all of which are supported by the UK Government and regulators.
The co-chairs of the committee, PSR’s Managing Director, Chris Hemsley and the FCA’s Executive Director, Consumers and Competition, Sheldon Mills said:
"Open banking and its future continue to be a priority for the FCA and the PSR. Together with the committee and industry, we are committed to its to continued growth and evolution. Fully realised, open banking and then open finance can bring further benefits to consumers and businesses and will help the UK become more competitive and innovative.
"This means supporting new use cases, promoting innovation and competition in data sharing and payments, and setting the vision for future developments. We will, with the other members of the committee, work closely with industry and broader stakeholders to establish a future entity that will deliver these outcomes."