Today, the PSR welcomes the Strategic Working Group’s (SWG’s) publication of its final report. We would like to thank Bryan Zhang, independent chair of the SWG, the SWG secretariat and all participants for their views, insights and extensive analysis that will inform the Joint Regulatory Oversight Committee’s views and recommendations on the vision for Open Banking. 

The Committee is determined to ensure that the benefits of Open Banking are fully realised, and momentum is sustained. This ambition is supported by the SWG's report, which sets out the clear views of stakeholders, including consumers and businesses. The extensive analysis that the report provides will form an important input for the Committee to use as it considers the future of Open Banking in the UK. 

The Committee convened the SWG - a non-decision-making consultative forum - in August 2022 to allow industry and stakeholders to input into the vision and strategic roadmap for the future development of Open Banking. 

We look forward to engaging with those who contributed to the report further over the coming weeks as we move towards publishing the Committee’s recommendations on the vision for Open Banking later in Q1 2023. 

The PSR’s Managing Director, Chris Hemsley and Sheldon Mills, FCA’s Executive Director, Consumers and Competition, said: "Open Banking and its future continue to be a joint priority. As the SWG’s work ends with the report, the Committee’s work on Open Banking and engagement with industry and broader stakeholders continue. Fully realised, Open Banking and then Open Finance can bring further benefits to consumers and businesses and will help the UK become more competitive and innovative."