On 6 October 2025, the Financial Conduct Authority (FCA) published a research note on the state of open finance services in the UK.
Background
The FCA explained that it had commissioned this research earlier in 2025 with the aim of providing an evidence-based understanding of the state of open banking services, in order to inform the development of a strategic framework for open finance.
The FCA also highlighted that while the findings do not reflect its views they will contribute to its programme of work in this area.
Key findings
The note sets out both the potential benefits of open finance and potential risks, as well as highlighting trends in how open banking is being adopted, outlining what may need to be considered when designing and implementing open finance, and proposing a strategy and delivery plan to guide future action.
More specifically it is explained in the research note that:
- Open banking continues to grow: this sector is making steady progress in the UK and its trajectory mirrors other fintech related developments.
- Open banking offers valuable lessons for open finance: both the UK’s experience and international approaches to open banking provide insights for the development of open finance.
- There is still work to do in open banking: challenges remain such as fragmented regulation, commercial misalignment, and uneven consumer trust.
- Roadmaps for both open banking and open finance can help industry: developing roadmaps can encourage investment and coordination.
- A range of considerations must inform regulatory framework design: this includesalignment across regulators and investment in shared infrastructure.
Next steps
The FCA also set out several next steps in relation to regulatory initiatives in this area, in particular that it will continue to engage with stakeholders and work with the government to shape and publish an open finance roadmap by March 2026.