This follows consultation with industry through the Future Entity Working Group, which presented its findings to JROC in December 2023.

The Future Entity will create a structure that promotes further innovation and functionality along with consumer protection.

The proposals ask firms to comment on the Future Entity’s recommended structure, governance, and funding for both its interim and longer-term model.

The co-chairs of the Committee, PSR Managing Director, Chris Hemsley, and FCA Executive Director, Consumers and Competition, Sheldon Mills said:

"Open Banking continues to be a great UK success story. JROC’s proposals for a future entity which delivers the next phase of open banking will enable the UK’s world leading financial and technology industries to further harness the opportunity that open banking presents.”

JROC welcomes feedback on the questions outlined in the proposals and will finalise the recommendations in relation to those areas once responses have been considered.

Stakeholders are invited to feed back by 20 May 2024.