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<p>UK Open Banking has been a great success story with over 7 million people in the
UK now regularly using this technology to manage their money and to make payments.</p><p>
</p><p>The Government is committed to maintaining the UK’s leadership in this field
and sustaining momentum. We wish to build on the initial success of UK Open Banking
to help unlock and realise further benefits for consumers, businesses, and the wider
economy.</p><p> </p><p>HM Treasury is working closely with the relevant regulators
through the Joint Regulatory Oversight Committee to develop recommendations on the
design of the future Open Banking entity. HM Treasury is also leading work to develop
a long-term regulatory framework for this technology, underpinned by any necessary
legislation.</p><p> </p><p>The Committee will release its recommendations in the coming
weeks following joint statements in March and December 2022 which can be found at:
<a href="https://www.gov.uk/government/publications/joint-statement-by-hm-treasury-the-cma-the-fca-and-the-psr-on-the-future-of-open-banking/joint-statement-by-hm-treasury-the-cma-the-fca-and-the-psr-on-the-future-of-open-banking"
target="_blank">https://www.gov.uk/government/publications/joint-statement-by-hm-treasury-the-cma-the-fca-and-the-psr-on-the-future-of-open-banking/joint-statement-by-hm-treasury-the-cma-the-fca-and-the-psr-on-the-future-of-open-banking</a>
and <a href="https://www.gov.uk/government/publications/joint-statement-by-hm-treasury-the-cma-the-fca-and-the-psr-to-update-on-the-future-of-open-banking/joint-statement-by-hm-treasury-the-cma-the-fca-and-the-psr-to-update-on-the-future-of-open-banking"
target="_blank">https://www.gov.uk/government/publications/joint-statement-by-hm-treasury-the-cma-the-fca-and-the-psr-to-update-on-the-future-of-open-banking/joint-statement-by-hm-treasury-the-cma-the-fca-and-the-psr-to-update-on-the-future-of-open-banking</a>.</p>
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