LONDON—The U.K.’s Financial Conduct Authority (FCA) is being asked to provide greater clarity on how open banking will be regulated from 2023 onward.
The development comes at the same time the CFPB is proposing rules to make open banking a reality in the United States, as CUToday.info reported here.
The request was made in a joint letter to the FCA from a group of the U.K.’s fintechs, UK Tech News reported.
Addressed to Sheldon Mills, executive director of the FCA, the letter’s signatories included Monzo, Wise, Plum, and Moneyhub.
The letter states that open banking is one of the “greatest successes of innovative financial services policy in the U.K.,” and at one time made the U.K. the “envy of the world,” according to the report.
The letter expresses dissatisfaction by the signatories with the lack of clear direction from the Joint Regulatory Oversight Committee (JROC), a regulatory body established in March by the Competition and Markets Authority (CMA).
‘Matter of Urgency’
“We call for the JROC to publish clear directions and timelines for the continued enforcement of Open Banking in 2023 and beyond as a matter of urgency,” the letter says.
“This clarity is required to provide certainty for firms, consumers and investors, and will then enable meaningful discussion and deliberation on the development of open banking beyond the 2017 CMA Order, to open finance and beyond,” the letter continues.
The letter was organized by the Coalition for a Digital Economy (Coadec), a tech industry advocacy group, UK Tech News noted.
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