FCA launches open finance accelerator

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This strategy includes a report conducted by KPMG and Europe Economics, the creation of a Smart Data Accelerator and the launch of two tech sprints. 

According to the regulator, the strategy will “give people control over how they manage their money and plan their finances for the future”.

The work with KPMG and Europe Economics involved a report to explain the benefits of open banking and open finance to consumers. 

“Open banking has laid important groundwork to make everyday banking and payments more diverse and accessible,” stated the FCA. “Open finance has the potential to extend this to more financial services products and services.”

The report also acknowledges there would be trade-offs regulators will need to consider, to balance the benefits and risks, according to the FCA.

“These include data sharing arrangements, having the right technology in place to do so, and systems and procedures that encourage innovation while ensuring consumers remain protected.

“The Smart Data Accelerator was launched in September and will serve as an extension of the FCA’s sandbox, enabling it to test “real uses of open finance in practice”.

The regulator is working with tech firm RaidiamLink to enable to the firms participating in the accelerar to test data sharing.

Furthermore, two tech sprints will be launched between November 2025 and February 2026 focusing on mortgages and SMEs respectively.