Banking industry gathers in Parliament to launch Open Banking blueprint
Banking industry leaders, policy makers and key stakeholders gathered in Parliament last Thursday to discuss the future of open banking under the UK’s forthcoming Long-Term Regulatory Framework (LTRF).
The discussion included the presentation and socialisation of a new industry-led blueprint designed to support delivery of the next phase of open banking and the wider Smart Data agenda.
Convened by the Smart Data Group (SDG), the event brought together senior representatives from across banking, fintech, and technology providers to exchange views on the direction of travel for open banking and how a Future Entity (FE) for open banking could be structured to ensure independence, sustainability and innovation.
Paul Scully, chair of Smart Data Group and former Smart Data minister, said: “This blueprint reflects the sector’s shared ambition – to take the best of what open banking has achieved and build a structure fit for the future.
“Open banking has been one of the UK’s major innovation success stories. As we move to the next stage, the focus must be on ensuring independence, sustainability and consumer benefit. This work is about creating a model that can evolve – one that reflects what industry, regulators and government have each said they want to see.”
David Monty, CEO and founder of tell.money, said: “We’re entering a defining phase where collaboration and clarity of purpose will determine how successfully the UK realises the potential of Smart Data. Open, pragmatic, outcome-focused dialogue like this is exactly what’s needed to get it right.”
The blueprint – developed in close collaboration with partners across the ecosystem – responds directly to the Financial Conduct Authority’s call for a unified, independent, and industry-backed model for the next phase of open banking delivery, while also providing a scalable framework for future Smart Data schemes.
Central to the proposal is Smart Data Services (SDS), a not-for-profit company to act as a neutral operational platform capable of supporting the FE and other smart data schemes under the LTRF, subject to industry and regulatory agreement.
Key recommendations include promoting independent governance, modernisation, transparent funding, future-ready design, and a neutral industry role.
Commenting on the launch, Raj Abrol, CEO of Galytix said: “Forging a long-term collaboration between the banking and tech industry is crucial to unlocking growth, improving services, and reducing risk. This blueprint marks a positive step forward, offering financial services organisations the opportunity to gain access to actionable AI insights and regulatory guidance under one, unified mission.”