UK Future Entity for open banking to be established by end of 2025

The UK Financial Conduct Authority (FCA) published a feedback statement on the design of the Future Entity for UK open banking (FS25/4). The feedback statement responds to the feedback received to the consultation, which was issued by the Joint Regulatory Oversight Committee (JROC). However, in line with the National Payments Vision, JROC has been wound down and the FCA is progressing the further development of open banking. In the feedback statement, the FCA states that subject to legislation the Future Entity will be the primary standard setting body for open banking Application Programming Interfaces (APIs) in the UK. It will set common standards for a minimum level of service and interoperability across open banking services, monitor API performance and compliance with standards (although it will not have enforcement powers), provide directory and certification services and assist in development standards to enable commercial schemes. It is not envisaged that the Future Entity will own or operate commercial schemes where market innovation incentives exist. The FCA expects that the Future Entity and commercial scheme operators will be regulated as interface bodies under the Data (Use and Access) Act. The FCA intends to progress the design of the Future Entity, which is intended to be established by the end of the year.

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