JROC’s proposal for the design of the future entity for UK open banking – Response from OBL

23 May 2024

Open Banking Limited continues to be highly supportive of JROC’s commitment to establishing the Future Entity, building on what has been achieved to date under the CMA Order, to deliver and secure the future success of open banking. Our response stresses the importance of alignment between OBL and JROC as we begin the transition to the long term regulatory framework. This shared purpose is essential to maintaining momentum, innovation, competition, growth, and ongoing success of open banking for the public good.

It is imperative that we continue to drive JROC’s workstreams, and other key non-Order work, forward in order to facilitate the prompt delivery of shared objectives progress and enhance open banking. The response sets out seven practical enhancements that will facilitate the timely establishment of the Interim Entity, improve its operational effectiveness, reduce delivery risk and result in better co-ordinated outcomes.

The timely introduction of the long term regulatory framework and the creation of the Future Entity is key to the future success of open banking and unlocking its full potential. At the same time, OBL will continue its work to plan and prepare for transition.

Both OBL and the Interim Entity have a crucial role to play in building on the success that open banking has achieved to date.  We fully support the commitment to establishing a Future Entity and believe this it will be critical to the ongoing success of open banking in the UK.  OBL welcomes the opportunity to contribute to the design of both the Interim and Future Entities and is happy to engage with JROC to assist with this.

Marion King, OBL Chair & Trustee