Britain’s six largest banks reach Open Banking regulatory ‘milestone’

The UK’s six largest lenders–Barclays, HSBC, Lloyds, Nationwide, and NatWest–have met the CMA's regulatory standards for the roll out of Open Banking.

The launch of Open Banking in 2017 followed an investigation into retail banking carried out by the regulator.

The CMA told Britain's nine biggest retail banking institutions to open up customer data using secure data protocols. The Open Banking Implementation Entity (OBIE) was then established by banking providers, while an Open Banking roadmap which outlined specific requirements for the banks was introduced.

On Thursday, the authority announced the six banks had implemented all the requirements of the roadmap.

The OBIE will continued to work with the remaining banks –Allied Irish Bank, Bank of Ireland, and Danske–with the CMA saying it could consider enforcement action to make sure they meet the requirements in a “timely” manner.

“It is fantastic to see how many consumers have benefited from Open Banking since the CMA’s Order was issued in 2017 – which has transformed the way millions of people manage their money,” said Sarah Cardell, chief executive of the CMA. “Today’s update is an important milestone.”

Open Banking now has more than six million active users in the UK, with 7.5 million Open Banking payments made as of December.

“Not only is this helping millions of people across the UK with their day-to day financial management, but crucially, their ability to navigate the impact of the pandemic, rising cost of living and other unexpected financial shocks," said Charlotte Crosswell, chair and trustee of OBIE.

    Share Story:

Recent Stories


Safeguarding economies: DNFBPs' role in AML and CTF compliance explained
Join FStech editor Jonathan Easton, NICE Actimize's Adam McLaughlin and Graham Mackenzie of the Law Society of Scotland as they look at the role Designated Non-Financial Businesses and Professions (DNFBPs) play in the financial sector, and the challenges they face in complying with anti-money laundering and counter-terrorist financing regulations.

Ransomware and beyond: Enhancing cyber threat awareness in the financial sector
Join FStech editor Jonathan Easton and Proofpoint cybersecurity strategist Matt Cooke as they discuss the findings of the State of the Phish 2023 report, diving into key topics such as awareness of cyber threats, the sophisticated techniques being used by criminals to target the financial sector, and how financial institutions can take a proactive approach to educating both their employees and their customers.

Click here to read the 2023 State of the Phish report from Proofpoint.

Cracking down on fraud
In this webinar a panel of expert speakers explored the ways in which high-volume PSPs and FinTechs are preventing fraud while providing a seamless customer experience.

Future of Planning, Budgeting, Forecasting, and Reporting
Sage Intacct is excited to present FSN The Modern Finance Forum’s “Future of Planning, Budgeting, Forecasting, and Reporting Global Survey 2022” results. With participation from 450 companies around the globe, the survey results highlight how organisations are developing their core financial processes by 2030.