On 24 June 2022, there was published the terms of reference of the Joint Regulatory Oversight Committee (Committee).

The Committee comprises of the Competition and Markets Authority, Financial Conduct Authority, Payment Systems Regulator and HM Treasury. The Committee’s role is to oversee the planning and preparation for the future open banking entity and consider the vision and strategic road-map for further developing open banking. The Committee will also be responsible for overseeing and, where applicable, monitoring the future entity, once set up, until a permanent regulatory framework is in place.