The Joint Regulatory Oversight Committee [“JROC”] has released its recommendations to transition to the next phase of open banking in the UK.
To help maintain the UK’s international leadership in the field, the JROC details five key themes to be progressed over the next two years:
- Levelling up availability and performance;
- Mitigating the risks of financial crime;
- Ensuring effective consumer protection if something goes wrong;
- Improving information flows to third party providers (TPPs) and end users; and
- Promoting additional services, using non-sweeping variable recurring payments (VRP) as a pilot.
Relevant firms should read the JROC recommendations and roadmap for the next two years to prepare for forthcoming developments.