On 16 December 2022, the FCA, Payment Systems Regulator, HM Treasury and the Competition and Markets Authority published a joint statement providing an update on their plans for the vision of the future of open banking and proposals for a new entity to succeed the Open Banking Implementation Entity. In the statement the regulators confirm their determination to ensure that the benefits of open banking are fully realised and momentum is sustained. They also set out their expectations as to what the entity’s key responsibilities will be and describe three fundamental components for the design of the entity.

The regulators will publicly set out their recommendation in relation to the design of the future entity, both during the interim regulatory state and once a long-term regulatory framework is in place, and the vision for Open Banking, in Q1 2023. They expect it to include a roadmap to deliver that vision and will continue to work with industry as they develop this.