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UK fintechs call for open banking clarity in letter

open banking letter

A group of the UK’s fintechs have signed a joint letter to the Financial Conduct Authority (FCA) calling for greater clarity on how open banking will be regulated from 2023 onwards.

Addressed to Sheldon Mills, executive director of the FCA, the letter’s signatories included Monzo, Wise, Plum, and Moneyhub, which earlier this week secured £15m in new funding.

The letter stated that open banking is one of the “greatest successes of innovative financial services policy in the UK”, and at one time made the UK the “envy of the world”.

However, the letter then describes dissatisfaction 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).

“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 said.

“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 was organised by the Coalition for a Digital Economy (Coadec), a tech industry advocacy group.