Open Banking Limited (OBL) welcomes the Joint Regulatory Oversight Committee’s (JROC) Report published on 17 April 2023. This Report provides a clear vision for the future of open banking and sets out the next steps that will ensure its continued growth and success.
OBL will now review the Report’s recommendations and actions and work with JROC and other relevant stakeholders to deliver these.
We will continue to protect and maintain the CMA’s Retail Banking Market Investigation Order and its ongoing requirements on the CMA9 (Allied Irish Bank; Bank of Ireland; Barclays; Danske; HSBC; Lloyds Banking Group; Nationwide; NatWest; Santander) as we move beyond the Order and transition to a future entity.
Open banking is a UK success story, with over 7 million users, a thriving ecosystem, and contributes over £4 billion to the UK economy. This Report, its recommendations, and associated actions will ensure that momentum is sustained as we unlock the full potential of open banking and the benefits it brings to our citizens.
Further updates will be provided as we develop our plans for delivery of this important work.