Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what recent progress she has made on establishing the future entity for open banking.

The government committed has committed to bring forward a statutory instrument this year to support the delivery of a long-term regulatory framework for Open Banking, ensuring continued growth and innovation in the sector.

The Future Entity will be an important part of this framework and act as the standards-setting body for UK open banking. The FCA has commissioned a consultancy to assess proposals from organisations proposing to lead the establishment a body that is capable of becoming the Future Entity. The process will finish in April.