On 19 April 2024, the Joint Regulatory Oversight Committee (JROC) published a report containing its recommendations for the open banking future entity.

The report follows a consultation with industry through the Future Entity Working Group, which presented its findings to the JROC in December 2023.

In the report the JROC is consulting on various recommendations about the journey to the future entity, as well as recommendations around the immediate creation of an interim entity. The interim entity will exist in an interim regulatory phase, before the full transition to the future entity occurs, along with the implementation of the regulatory framework. The recommendations are designed to place the provision of open banking services on a solid footing going forward, with a central entity which represents, provides appropriate services to, and is funded by the open banking ecosystem.

The JROC invites comments on the report by 20 May 2024.

Following the close of the consultation period, work on the interim entity, and by extension the wider ecosystem, should progress within the guidelines, expectations and phased plan set out in the report and the response document to the consultation which will be published as soon as possible after the end of the consultation period.

The FCA has also issued an update on its website.