Open Banking Limited has moved into the next phase of UK open banking development by facilitating an industry-led design process for the Future Entity, which is expected to become the primary standard-setting body for UK Open Banking. Following a KPMG assessment and support from trade associations, OBL will act as a neutral and transparent facilitator while decision-making remains with industry participants. The design programme is intended to give all parts of the ecosystem a fair and proportionate voice, with neutrality, transparency and independent oversight, and to produce a majority-supported blueprint aligned with the Financial Conduct Authority’s direction. OBL is inviting organisations across the ecosystem, particularly smaller firms not represented by trade associations, to join the FE Design Working Group to help shape governance, scope, funding and possible expansion into Open Finance. Funding contributions start at GBP 750 for small TPPs with annual turnover below GBP 5 million and GBP 1,500 for small ASPSPs with fewer than 4 million PCA or BCA accounts in scope of PSD2. Firms can join the working group at any point during the design phase once they have signed a Letter of Commitment, although some early decisions may already have been taken by then. OBL will host an open webinar and drop-in session on 14 May at 10:00am to explain the design approach and take questions.

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