The Financial Conduct Authority (FCA) has published a vision for open finance that aims to give consumers and businesses greater control over their financial data and improve access to a wider range of financial products and services.
Under the vision, open finance would enable people and businesses to share their financial data securely with different financial services providers. This is intended to help them access mortgages, investments, savings and pensions, and to secure more competitive deals.
According to the FCA, open finance would give firms a more complete view of consumers' and businesses' finances. This broader picture is expected to support more personalised and inclusive services, more competitive pricing and stronger fraud protection.
Focus on SMEs and mortgage access
The FCA plans to prioritise exploring how open finance can help small and medium-sized enterprises (SMEs) improve access to credit and speed up loan applications. It will also examine how open finance can help consumers manage and improve access to mortgages.
David Geale, executive director for payments and digital finance at the FCA, said open finance has the potential to change how people interact with financial services. He stated that giving consumers and businesses more control over their financial data could help them access credit, secure better deals and receive more customised support, while also fuelling innovation, competition and supporting economic growth.
Implementation through industry collaboration
To progress its plans, the FCA intends to engage with industry, consumer groups and fellow regulators in 2026 to develop a range of practical open finance use cases. This work will be carried out through the FCA's Smart Data Accelerator and the PRISM (Prioritisation and Real-world Insights Selection Matrix) Taskforce.
Adam Jackson, chief strategy officer at Innovate Finance, said that just as open banking has supported the growth of many UK fintechs, open finance can power a new wave of innovation. He added that by unlocking high-quality data in a way that secures consumer trust, open finance can be a foundation for widespread adoption of agentic AI.
Regulatory framework and timeline
The FCA will work with HM Treasury on options for a regulatory framework for open finance by the end of 2027. In the meantime, firms will be supported to introduce open finance products sooner where they are already able to access data and have appropriate permissions in place.
