Welcome to The Current Account! We hope you enjoy our latest round-up of the top news from the industry in January.
Headlines from the banking sector this month
In this edition of The Current Account, we look at open banking as it hits a significant milestone and the fast-approaching Consumer Duty deadline…
Open Banking celebrates its 5th anniversary
- Earlier this month, the CMA announced the completion of the open banking roadmap with Barclays, HSBC, Lloyds, Nationwide, NatWest, and Santander having now completed their implementation.
- Since the launch of Open Banking, there has been strong cumulative growth in usage, with current statistics showing that there are 6 million regular users in the UK. Ecospend, an Open Banking payment provider recently reported that £123 million in self-assessment open banking-powered payments were made via the HM Revenue & Customs app.
- UK’s Open Banking Implementation Entity (OBIE) recently appointed Marion King as its new chair and trustee. Her priorities as chair will be to maintain the existing implementation of Open Banking, along with working with the Joint Regulatory Oversight Committee (JROC) to decide the future state of open banking in the UK.