As the SWG’s work ends with the report, the committee’s work on open banking and engagement with industry and broader stakeholders continue. Regulators simply need to follow the existing rules. He said new rules regarding concentration are not needed. 'Open banking and its future continue to be a joint priority. Regulators typically advise banks to not have more than 25 of their capital in a particular company or sector, according to Artisan Advisors Adkins. Sheldon Mills, FCA’s Executive Director, Consumers and Competition, and PSR’s Managing Director, Chris Hemsley, said:
REGULATORY OVERSIGHT FULL
Open banking can only deliver its full potential if authorities and broader stakeholders work together. Further detail will be announced in due course. The primary legislative and regulatory framework for. Ahead of that publication, we are keen to continue engaging with industry and broader stakeholders. Section 10(1) (c) of the South African Reserve Bank Act 90 of 1989 enables the NPSD to regulate the NPS. We expect it to include a roadmap to deliver that vision. The committee aims to publicly set out its recommendations relating to the vision for open banking, alongside the design of the future entity in Q1 2023. The SWG is a non-decision-making consultative forum for industry and stakeholders to input into the vision and strategic roadmap for the future development of open banking. To support this, the committee convened the SWG in August 2022. workshops), to shape the future development of open banking. The committee is keen to work closely with relevant stakeholders, through further engagement (e.g.
The industry and other key stakeholders, including consumer and business representatives, play an instrumental role in delivering these outcomes. The committee is determined to ensure that the benefits of open banking are fully realised, and momentum is sustained. The FCA would like to thank Bryan Zhang, independent chair of the SWG, the SWG secretariat and all participants for their views, insights and extensive analysis that will inform the committee’s views and recommendations on the vision for open banking.
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