We, as leading financial technology companies and their representatives, are writing to you in advance of the CMA Board’s consideration of the future of the Open Banking Implementation Entity (OBIE).
We welcome the CMA’s recent review of the Open Banking Future Entity, however we have concerns about the process of reviewing UK Finance’s (UKF) proposal, and the future direction of the stewardship of open banking in the UK market. Our concerns are mirrored by the considerable number of stakeholders, TPPs, ecosystem players, and trade bodies that responded to the consultation expressing similar concerns:
Decision making in the hands of the large banks, the ability for those banks to exit the Future Entity, and lack of independent oversight for the entity creates undue risk to the future of open banking
The consultation is limited to only the UKF proposal, and has not given due consideration to approaches proposed by other stakeholders
There has been little transparency in the disclosure of alternative proposals submitted, and in the decision to consult on only one proposal.