Recommendations published on next phase of open banking in the UK

The UK’s Joint Regulatory Oversight Committee, which is co-chaired by the Payments Systems Regulator (PSR) and the Financial Conduct Authority (FCA), published on 17 April its recommendations for the next phase of open banking in the UK. Included in the recommendations is a roadmap of priorities for the next two years, covering the following themes: mitigating the risks of financial crime, levelling up availability and performance, ensuring effective consumer protection if something goes wrong, improving information flows to third party providers and end users, and promoting additional services, using non-sweeping variable recurring payments as a pilot.