Joint Regulatory Oversight Committee sets out next steps to help UK open banking grow

The Joint Regulatory Oversight Committee (JROC) has today set out an ambitious programme of work to take forward recommendations for the next phase of open banking in the UK.

This involves setting up dedicated workstreams to action the six key themes and priorities outlined in the recommendations. To support this, the JROC has launched two new working groups on variable recurring payments (VRP) and future open banking entity. The JROC has also tasked Open Banking Limited (OBL) to lead and coordinate workstreams on four of the other key themes. 

This work is crucial in realising the full potential of open banking in the UK. The co-chairs of the JROC, PSR’s Managing Director, Chris Hemsley, and FCA’s Executive Director, Consumers and Competition, Sheldon Mills said:   

'Now that we have a roadmap in place to deliver on the next phase of open banking, it’s vital that we work collaboratively and at pace to progress the key priorities we identified.  

'These dedicated workstreams, including the two new working groups on VRP and future entity, will make sure the correct foundations are in place for open banking to grow in a safe and sustainable way.'

Joint Regulatory Oversight Committee sets out next steps to help UK open banking grow | FCA