The Financial Conduct Authority (FCA), the UK’s financial services watchdog, has published its vision for open finance, outlining plans to hand consumers and businesses greater control over their financial data.
Under the proposals, individuals and firms would be able to share their financial data securely with a range of providers, broadening access to products such as mortgages, investments, savings and pensions. The initiative is intended to give financial services firms a fuller picture of their customers’ financial positions, paving the way for more tailored and inclusive offerings, more competitive pricing, and improved fraud prevention.
As an early priority, the FCA intends to explore how open finance can help small and medium-sized enterprises (SMEs) gain easier access to credit and accelerate loan applications. Improving how consumers navigate and access mortgage products is also among the regulator’s near-term focus areas.
To move forward with its plans, the FCA will work with industry stakeholders, consumer groups and fellow regulators throughout 2026 to identify and develop practical open finance use cases. This work will be carried out through two key vehicles: the FCA’s Smart Data Accelerator and its PRISM (Prioritisation and Real-world Insights Selection Matrix) Taskforce. The regulator is also working alongside HM Treasury to develop options for a long-term regulatory framework for open finance, with that process expected to conclude by the end of 2027. Firms that already have appropriate data access and permissions in place will be supported in bringing open finance products to market ahead of that deadline.
The FCA is the conduct regulator for financial services firms and markets in the UK. Its remit includes protecting consumers, promoting competition and ensuring the integrity of financial markets.
FCA executive director for payments and digital finance David Geale said, ‘Open finance has the potential to transform how people interact with financial services. By giving consumers and businesses more control over their own financial data, we can help them access credit, secure better deals and receive more customised support – while fuelling innovation, competition and supporting economic growth.’
Innovate Finance chief strategy officer Adam Jackson said, ‘Just as open banking has sparked the growth of many UK fintechs, so open finance can power a new wave of innovation. By unlocking high-quality data in a way that secures consumer trust, open finance can be a foundation for widespread adoption of agentic AI. We support collaboration between industry and the FCA to deliver the roadmap at pace, enabling agreement on priority use cases and datasets, and appropriate regulatory action to open these up to competition and innovation.’
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