Smart Data Group publishes blueprint for the future of open banking in the UK

Smart Data Group has published its proposals for a future entity and blueprint to shape the next phase of open banking in the UK.

Industry leaders, policy makers and key stakeholders recently gathered in Parliament to discuss the future of open banking under the UK’s forthcoming Long-Term Regulatory Framework (LTRF). The discussion included the presentation and socialisation of a new industry-led blueprint designed to support delivery of the next phase of open banking and the wider Smart Data agenda. 

Convened by the Smart Data Group (SDG), the event brought together senior representatives from across banking, fintech, and technology to exchange views on the direction of travel for open banking and how the Future Entity (FE) could be structured to ensure independence, sustainability and innovation. 

The blueprint – developed in close collaboration with partners across the ecosystem – responds directly to the Financial Conduct Authority’s call for a unified, independent, and industry-backed model for the next phase of open banking delivery, while also providing a scalable framework for future Smart Data schemes. 

Central to the proposal is Smart Data Services (SDS), a not-for-profit company to act as a neutral operational platform capable of supporting the Future Entity and other smart data schemes under the LTRF, subject to industry and regulatory agreement. 

Key recommendations include: 

. Independent governance: An impartial Chair and balanced Board, appointed through an industry-led process overseen by trade associations to guarantee neutrality and representation. 

. Continuity with modernisation: Retaining the standards and monitoring functions that work well today while modernising legacy infrastructure for greater efficiency and scalability. 

. Transparent funding: A not-for-profit, open-book cost model with clear accountability, independent benchmarking, and safeguards against duplication or cross-subsidy. 

. Future-ready design: A structure that can extend beyond open banking to support new Smart Data schemes in sectors such as energy, telecoms, and digital markets. 

. Neutral industry role: SDG’s function remains that of a convenor and blueprint developer, supporting the ecosystem’s transition without seeking operational control of the Future Entity itself. 

Paul Scully, Chair of Smart Data Group and former Smart Data Minister, said: “This blueprint reflects the sector’s shared ambition – to take the best of what open banking has achieved and build a structure fit for the future.  

“Open banking has been one of the UK’s major innovation success stories. As we move to the next stage, the focus must be on ensuring independence, sustainability and consumer benefit. This work is about creating a model that can evolve – one that reflects what industry, regulators and government have each said they want to see.” 

David Monty, CEO and Founder of tell.money, said: “We’re entering a defining phase where collaboration and clarity of purpose will determine how successfully the UK realises the potential of Smart Data. Open, pragmatic, outcome-focused dialogue like this is exactly what’s needed to get it right.” 

Alex Marsh, Global CEO of Salad Money, said: “Open Banking has already helped hundreds of thousands of people to access fair and affordable credit. This next phase gives us the critical opportunity to embed innovation and financial inclusion at the core of how the system is governed. We strongly support an industry-led approach that reflects the UK’s fintech strengths.” 

Resham Kotecha, Global Head of Policy at the ODI said: “Open banking has already transformed how people and businesses engage with financial services. The next step is to ensure that innovation continues to serve the public good. A trusted, independent framework – built on strong governance, interoperability and transparency – is essential to unlocking the full potential of Smart Data. Collaboration between regulators, innovators and policymakers will determine whether we turn today’s momentum into long-term public value.”