Question to the HM Treasury:

To ask the Chancellor of the Exchequer, whether she plans to bring forward legislative proposals to regulate open banking under the Data (Use and Access) Act 2025.

The National Payments Vision, published in November, set out the government’s ambitious plans for the next phase of Open Banking, building on the UK’s leadership in this area. This includes steps towards delivering seamless, Open Banking enabled, account-to-account payments.

The government intends to use powers in the ‘Data (Use and Access) Act’ to put in place a long-term regulatory framework for Open Banking. This will also secure the foundations for Open Finance, by establishing the necessary oversight functions within the FCA to regulate ‘Smart Data’ schemes.