GovWire

This joint statement sets out the plans of HM Treasury, the CMA, the FCA and the PSR for oversight of a new entity to succeed the Open Banking Implementation Entity (OBIE).

HM Treasury, the FCA, the PSR and the CMA agree that the future entity should:

• have effective regulatory oversight, with a new Committee, led jointly by the FCA and PSR, to consider the entitys vision, governance and priorities;
• be independent, well-governed and underpinned by a set of values and cultures that include an emphasis on integrity and promoting ethical behaviours;
• play a central role in delivering new proposals beyond those required by existing regulations;
• be adequately resourced to carry out its functions through a more broadly-based and sustainable funding model;
• effectively serve the interests of consumers and businesses, including consideration for how these groups will be represented on the Board.

Press release: Next steps on future oversight of Open Banking announced