The Competition and Markets Authority (CMA) has announced a new open banking committee.
In Brief:
The Joint Regulatory Oversight Committee (JROC) will oversee the rollout of Open Banking in the UK.
It’s set to be chaired by the FCA and the Payments Systems Regulator (PSR).
The CMA and the Treasury will attend as members.
What does this mean?
The committee will be responsible for developing an entity to succeed the current Open Banking Implementation Entity (OBIE) as open banking enters its new phase. It agrees that this entity should have effective regulatory oversight led by the FCA and PSR, should be independent and should serve the interests of consumers and businesses.
