A group of UK financial watchdogs, including the Financial Conduct Authority and the Payment Systems Regulator, will help oversee how open banking technology is regulated and rolled out.
The Joint Regulatory Oversight Committee will also include the Competition and Markets Authority and the Treasury, in measures designed to improve competition in the banking industry with fintechs through the secure sharing of financial data.
In the UK there are more than 5mln users of services powered by open banking technology and its estimated that by late 2023 about 60% of the population will be open banking payments.
Open banking measures were introduced in 2017 after a CMA probe into retail banking, in an industry in which the established players accounted for 80% of the current account market.