To ask the Chancellor of the Exchequer, what his policy is on open finance.
Answered on
7 May 2024
The financial services sector is currently at the forefront of Smart Data, through a combination of Open Banking and the HM Treasury-funded Centre for Finance, Innovation and Technology (CFIT), which recently published recommendations for driving Open Finance forward in the UK.
HM Treasury has worked closely with the Department for Business and Trade as it developed its Smart Data roadmap, which sets out the government’s ambition for future Smart Data scheme development across seven different sectors, including finance, and is available here: https://www.gov.uk/government/publications/the-smart-data-roadmap-action-the-government-is-taking-in-2024-to-2025.
As set out in the roadmap, HM Treasury will carefully consider CFIT’s recommendations for Open Finance, alongside wider industry engagement, as it develops its strategy for Open Finance.
In April 2024, HM Treasury also announced the launch of an industry-led taskforce, which will identify and prioritise Open Finance use cases and data-sets that could be unlocked to improve SME access to credit.