FCA and PSR establish SWG on open banking

The Financial Conduct Authority (FCA) and the Payment Systems Regulator (PSR) has established a strategic working group via its Joint Regulatory Oversight Committee.

The JROC is a cross-authority taskforce that is responsible for – amongst other things – thinking about the future vision and governance of open banking.

According to the FCA, the committee believes there is potential to build on the progress of open banking, to drive further benefits for consumers and businesses and maintain the UK’s position as a leader in innovation.

The FCA added, “The SWG is a non-decision-making consultative forum for the committee to engage with industry and other stakeholders. It will provide the principal mechanism for stakeholders to input into the vision and strategic roadmap for further developing open banking, as well as to respond to queries the committee may have.

“The SWG will be made up of industry representatives, subject matter experts and other stakeholders, such as consumers and businesses. The SWG will be independently chaired. It will operate from August 2022 until December 2022.”

The SWG will be headed by Bryan Zhang, who will have the responsibility of selecting and appointing the SWG members, arranging and facilitating SWG meetings, collating stakeholders’ views in response to the committee’s questions and providing regular updates to the committee.

Sheldon Mills and Chris Hemsley – FCA executive director for consumers and competition and managing director of the PSR – said jointly, “We are excited to appoint Bryan to lead the SWG and look forward to working with him and key stakeholders to help define the vision and strategic roadmap for further developing open banking.’

The FCA recently finalised stronger rules to help tackle misleading adverts that encourage investing in high-risk products.

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