It’s an exciting time for open banking as the government and regulators, through the Joint Regulatory Oversight Committee (JROC), decide the next phase for open banking following the completion of the roadmap implementation. We’re very fortunate in the UK to have benefited from a competition-focused regulatory environment which has delivered a vibrant open banking ecosystem that is now being exported to around 80 countries across the world. The next phase will be exciting as JROC looks at how to build on the success of open banking, and the Financial Conduct Authority and others examine how the UK moves towards and delivers open finance. What we saw in the publication of the Kalifa review in February 2021, was a desire to move towards open finance and an open data environment that’s going to deliver great things for consumers and small businesses. And that’s the most important thing – we must make progress for the benefit of consumers and our small businesses, and deliver for competition and transparency in financial services. Expanding open banking to other sectors The inclusion of the Smart Data legislation in the Queen’s Speech brings us one step closer to expanding the benefits of open banking to other sectors of the economy and we are all looking forward to what is going to come from that. The inclusion of the Smart Data legislation in the Queen’s Speech brings us one step closer to expanding the benefits of open banking to other sectors of the economy. Charlotte Crosswell, Chair and Trustee, OBIE JROC is consulting with industry and others to decide what comes next for open banking and laying the groundwork around open finance or a smart data environment, where people can share their data with a trusted third party and in turn receive a better financial services and outcomes for them. That’s the most important thing we should be focusing on. Charlotte Crosswell, Chair and Trustee, OBIE