The UK Competition and Markets Authority (CMA) recently issued a statement outlining new pursuits and recommendations for the open banking sector. Notably, the CMA intends to replace the current facilitation structure, the Open Banking Implementation Entity (OBIE). In 2017, the UK launched its open banking initiative in an attempt to mitigate structural friction in the retail banking structure and increase competition. The recent statement confirms the UK government’s and regulators’ commitment to maintaining leadership in the open banking sector.
K CMA Outlines Next Steps for Open Banking Mission