| Link(s): | FCA sets out vision for open finance to empower consumers and businesses | FCA Open finance: Our vision for a smart data future Open finance roadmap: our vision for a smart data future | FCA |
Context
Consumers and businesses could be given greater control over their financial data to help secure better deals, under a vision for open finance published by the FCA.
Key points to note and next actions
- Open finance will allow people and businesses to securely share financial data with authorised providers, improving access to products such as mortgages, investments, savings and pensions.
- Sharing richer financial data will enable more personalised and inclusive financial services, more competitive pricing, and stronger fraud protection.
- The FCA will prioritise using open finance to help SMEs access credit more easily and speed up loan applications.
- Open finance will also be explored as a way to help consumers better manage and access mortgages.
- The FCA views open finance as a transformative shift that gives consumers and businesses greater control over their data while supporting innovation, competition and economic growth.
- In 2026, the FCA will work with industry, consumer groups and other regulators to develop practical use cases via its Smart Data Accelerator and PRISM Taskforce.
- Industry leaders believe open finance can drive a new wave of fintech innovation and enable wider adoption of agentic AI, provided consumer trust is maintained.
- The FCA will collaborate with HM Treasury on a regulatory framework for open finance by the end of 2027.