Bank Services

(asked on 11th May 2022) - View Source

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what steps the Government is taking to help ensure that open banking is able to benefit as many consumers as possible.


Answered by
John Glen Portrait
John Glen
Paymaster General and Minister for the Cabinet Office
This question was answered on 16th May 2022

Open Banking is a great UK success story that has brought significant benefits to the 5.5 million UK consumers and businesses who now use products and services enabled by this technology.

The government recently set out its plan for the future of UK Open Banking in a joint statement with the Competition and Markets Authority (CMA), the Financial Conduct Authority (FCA), and the Payment Systems Regulator (PSR), including a cross-authority committee for oversight of a new entity to succeed the Open Banking Implementation Entity. Through this Joint Authority Oversight Committee the government and regulators will work closely together to maintain the UK’s leadership in Open Banking. The government is seeking to build on the initial success of UK Open Banking to help unlock and realise further benefits for consumers, businesses, and the wider economy. Open Banking should continue to support innovation and greater competition for consumers and businesses.

Reticulating Splines