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FCA sets expectations for new open banking standard-setter body in UK

( August 8, 2025, 11:07 GMT | Official Statement) -- MLex Summary: The UK's Financial Conduct Authority has set out its expectations for the new standard-setter body for open banking, dubbed Future Entity. After a consultation with the industry, the FCA said that the standards provided by the Future Entity will be used by commercial open banking schemes promoting innovation in the sector. The new body will also monitor the quality of technologies used in open banking. Matthew Long, the authority's director of payments and digital finance, said: “This is the next step in realizing our vision of a more innovative, safe and competitive payments sector, which embraces technological change to better serve people and businesses.”Statement is attached....

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