A regulatory framework for Open Finance in the UK will be in place by the end of 2027, although firms are encouraged to introduce Open Finance products earlier where data access and “appropriate permissions” allow.
The Financial Conduct Authority (FCA) revealed the plans in its Open Finance roadmap published today (14 April), in which it sets out a “clear path to move Open Finance from vision to delivery between now and 2030”.
The FCA will work with HM Treasury, using evidence from earlier phases to provide options for the long-term regulatory framework for Open Finance, and seeking views on these.
They will also identify where common frameworks, shared infrastructure or governance arrangements are needed.
Throughout 2026, meanwhile, the FCA will engage with industry, consumer groups and fellow regulators on developing a range of “practical” Open Finance use cases through its Smart Data Accelerator and PRISM (Prioritisation and Real-world Insights Selection Matrix) Taskforce.
The regulator intends to prioritise “high-impact” use cases which can deliver benefits most quickly, starting with exploring how Open Finance can improve access to credit and accelerate loan applications for UK SMEs, and improving consumers’ access to mortgages.
Between 2028 to 2030, the FCA’s focus will be on scaling up and delivery, including continuing to review its priorities as markets evolve and new technologies emerge.
The FCA has promised to build on the “foundations” of Open Banking and international experience “to make sure Open Finance develops in a way that is secure, trusted and proportionate”.
David Geale, executive director for payments and digital finance, FCA
David Geale, executive director for payments and digital finance at the FCA, 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.”
‘A new wave of innovation’
The Open Finance roadmap follows hot on the heels of the Smart Data Strategy 2035, published by the UK government in March, which revealed its plans to deliver more than 20 interoperable Smart Data schemes across the economy over the next decade.
Henk Van Hulle, chief executive officer of Open Banking Limited, said the Open Finance Roadmap is a significant step towards unlocking the full potential of Smart Data in the UK.
“As a blueprint for success, Open Banking has already demonstrated what can be achieved with the right foundations,” he said.
“At full adoption, automation alone is estimated to save businesses £3.8 billion annually, and for lenders, real-time transaction data offers a greater understanding of affordability, helping to reduce unmet demand for SME lending and deliver benefits of up to £570 million each year.
“Open Finance would extend the sharing of data to additional datasets in financial services, enabling even more advanced products and services through access to a broader range of data. As we move from vision to delivery, pace and clarity will be critical.”
Adam Jackson, chief strategy officer at Innovate Finance, 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.”
