Trustee response to JROC’s call for views on the design of the Future Entity

19 April 2024
Thought leadership

I warmly welcome today’s publication of the Joint Regulatory Oversight Committee’s (JROC’s) call for views on the design of the Future Entity for open banking.  

This report provides additional clarity on the Interim Entity, Future Entity and long-term regulatory framework for open banking. It also provides much-needed certainty to the market and will allow for continued investment in our world-leading ecosystem. 

Shared purpose and shared vision

Open Banking Limited (OBL) and the Interim Entity will deliver different capabilities and carry out different activities, but it is vital to note that there is a shared purpose and vision. The two organisations will work in close partnership to ensure we arrive at a future state that will maximise the benefits of open banking for the public good.

During this process, OBL and I have worked collaboratively with JROC members as they developed their approach and recommendations, providing our expertise, knowledge and insight on areas such governance, funding, and capabilities.  

Marion King, OBL Chair and Trustee

Call for views

This thoughtful and timely call for views will help us define the future of open banking in the UK. We will now consider the recommendations carefully and provide our feedback to JROC.

As OBL will play an integral part in the transition to a Future Entity, moving beyond the Order, I would welcome the views of ecosystem participants on relevant topics. For the benefit of the wider ecosystem, we will publish our full response. 

JROC has demonstrated its commitment to securing the long-term future of open banking and I encourage all stakeholders to respond to the call for views to ensure the continued delivery of innovative products and services and support the creation of a data-driven economy. 

You can read the full report here.