Commenting on the latest announcement from the CMA on the future of Open Banking regulation, Maria Palmieri, Head of Public Policy, Yapily said: “Whilst it is encouraging to see further clarity from the CMA on the roll out of a Joint Regulatory Oversight Committee, many questions still remain around the future of Open Banking in the UK. With the current mesh of regulators, it is almost impossible for fintechs, banks and open banking providers to plan for the future. 

“This technology holds the power to transform the financial livelihoods of people and businesses. But to make that happen, we need to see the creation of a formal Open Finance Framework and further guidance on the future role of the Open Banking Implementation Entity, particularly on monitoring and enforcement. These steps would turbocharge further adoption of open banking solutions ensuring better and fairer financial services for everyone.”