The UK Financial Conduct Authority has published a vision for open finance aimed at giving consumers and businesses greater control over their financial data so they can share it securely with financial services providers to access better deals and more tailored support. Open finance is framed as enabling data sharing beyond payments to support access to products such as mortgages, investments, savings and pensions, with the FCA highlighting potential benefits including more personalised and inclusive services, more competitive pricing and stronger fraud protection. Priority work will focus on use cases that could improve small and medium-sized enterprises’ access to credit and speed up loan applications, alongside exploration of how open finance could help consumers manage and improve access to mortgages. Engagement with industry, consumer groups and other regulators is planned during 2026 to develop practical use cases via the FCA’s Smart Data Accelerator and its PRISM Taskforce. Work with HM Treasury on options for a regulatory framework for open finance is expected by the end of 2027, while firms will be supported to launch open finance products sooner where data access and appropriate permissions are already in place.
Financial Conduct Authority 2026-04-14
UK Financial Conduct Authority sets out open finance vision and plans regulatory framework options with HM Treasury by end-2027
The UK Financial Conduct Authority has set out its vision for open finance to give consumers and businesses greater control over their financial data and enable secure data sharing for better deals and more tailored support. It will prioritise use cases to improve small and medium-sized enterprises’ access to credit and mortgage-related support for consumers, and will work with industry, consumer groups, other regulators and HM Treasury on practical use cases and options for a regulatory framework, including via its Smart Data Accelerator and PRISM Taskforce.