Vision for open banking which helps improve financial services access is set out

Sign up to our free money newsletter for investment analysis and expert advice to help you build wealth Sign up to our free money email for help building your wealth Sign up to our free money email for help building your wealth SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy More needs to be done to deliver the full benefits of open banking technology, which helps to improve customers’ access to financial services, according to regulators. The Joint Regulatory Oversight Committee has published its vision for open banking, which can improve people’s financial health by helping them to make more informed decisions and improving their access to products and services. It published recommendations which said: “While significant progress has been made, more needs to be done to deliver the full benefits of open banking within retail banking markets, and beyond, and maintain its international leadership.” More than seven million people and businesses across the UK currently use open banking-enabled products and services to manage their money and to make payments, the committee said. Marion King, OBL chair and trustee, said: “Today’s announcement by the Joint Regulatory Oversight Committee secures the future for our thriving open banking ecosystem in the UK.”