Open Banking

Support The Industry-led Design of the Future Entity for UK Open Banking

27 January 2026

Open banking is one of the UK’s strongest financial success stories. Over the past 8 years the open banking industry, working in conjunction with regulators and Open Banking Limited (OBL), has helped create a thriving ecosystem with more than 16 million user connections, over 2 billion monthly API calls, and more than 34 million monthly payments.

The ecosystem now has an important opportunity to build on this progress. The Financial Conduct Authority (FCA) recently wrote to trade associations to set out its updated approach and next steps on establishing the Future Entity (FE). The FCA has asked associations and individual firms to come together to decide who should facilitate the design of the FE.

OBL is therefore seeking support from ecosystem participants for OBL to facilitate this industry collaboration. To register your organisation’s support, please write to the FCA at openbanking@fca.org.uk by Friday, 30 January.

An Industry‑Led, Independently Facilitated Design Process

OBL’s proposal is for an industry‑led, independently facilitated design process that:

  • gives all parts of the ecosystem a fair and proportionate voice
  • ensures neutrality and transparency
  • delivers a clear, majority‑supported blueprint for the Future Entity
  • aligns with the direction set by the FCA

Under this approach, OBL would support the ecosystem by providing insight, ideas and expertise, while decision‑making authority sits solely with industry.

A detailed overview of the proposed structure, principles and funding approach is available in the supporting documentation here.

Experience and Capability to Support the Ecosystem

Alongside industry‑wide facilitation, OBL would bring:

  • Proven delivery capability for complex, multi‑stakeholder programmes
  • Professionalism, trusted governance and funding transparency
  • Deep regulatory and technical expertise
  • A strong culture of cost discipline, demonstrated by almost 60% reduction in net run costs while maintaining high‑quality outputs

This approach mirrors OBL’s recent facilitation of the commercial variable recurring payments (cVRP) programme, which led to the incorporation of UK Payments Initiative Ltd (UKPI) in December 2025. UKPI is the first innovative, industry‑owned open banking scheme.

Broad Support Already Received Across the Ecosystem

OBL has already received broad support from ASPSPs and TPPs of all sizes, as well as from UK Finance.
Under the proposal:

  • All funders will be invited to the FE Design Working Group, which will shape the FE design.
  • That Working Group will feed into an overarching FE Steering Group, chaired independently.
  • Working Group members will be able to nominate and vote for representatives of the Steering Group.

Firms may also choose to support the proposal without becoming funders, receiving regular programme updates.

Equitable Funding Approach

To ensure the design remains fully within industry’s remit, OBL is taking an equitable and tiered approach to funding, with contributions starting at:

  • £750 for small TPPs
  • £1,500 for small ASPSPs

The proposal is already fully funded, meaning additional participants will reduce overall contributions for all.

How to Confirm Support

OBL strongly believes that, with broad industry support, the design process can deliver a clear and actionable plan for the timely and effective establishment of the Future Entity.

Organisations are encouraged to confirm their support, either as funders or non‑funding supporters, by writing to the FCA at openbanking@fca.org.uk ahead of the FCA’s deadline of Friday, 30 January.

Further Information

OBL would be pleased to arrange a presentation or conversation with any organisation wishing to discuss the proposal or ask questions.

Email us directly at dane.budden@openbanking.org.uk.