The Financial Conduct Authority (FCA) has set out its vision for open finance, with the aim of empowering consumers and businesses by giving them greater control over their financial data to help secure better deals.

The regulator said that open finance will unlock the potential for people and businesses to share their financial data securely, helping them to access mortgages, investments, savings and pensions.

This is set to give financial services firms a more complete picture of consumers’ and businesses’ finances, enabling more personalised and inclusive services, alongside more competitive pricing and stronger fraud protection.

The FCA will also prioritise exploring how open finance can help SMEs improve access to credit and speed up loan applications. It will also examine how open finance and help consumers manage and improve access to mortgages.

The regulator has outlined a roadmap for open finance and will work with HM Treasury on options for a regulatory framework by the end of 2027. It expects its full delivery by 2030.

Under the framework, 2026 will see prioritisation of high-impact use cases where open finance can deliver benefits most quickly, starting with lending to SMEs and improving consumers’ access to mortgages.

It will also work closely with industry, consumer groups and the Government to assess delivery models, incentives and the role of industry-led solutions.

By 2027, the FCA will use the evidence from earlier phases to shape options for the long-term regulatory framework for open finance and seek views on these. It will also identify where common frameworks, shared infrastructure or governance arrangements are needed to unlock benefits at scale.

Between 2028 and 2030, the regulator’s longer-term activities will support scaling up and delivery through collaboration with industry on the launch of sustainable open finance schemes with "clear governance, high standards of consumer protection and interoperability".

It will also review priorities as market evolve, new technologies emerge and identify more high-impact use cases.

Executive director for payments and digital finance at the FCA, David Geale, stated: "Open finance has the potential to transform how people interact with financial services. By giving consumers and businesses more control over their own financial data, we can help them access credit, secure better deals and receive more customised support – while fuelling innovation, competition and supporting economic growth."

Chair at the Open Property Data Association, Maria Harris, described the finance roadmap is an "important and welcome step forward".

She concluded: "Property and finance are two sides of the same coin, and for the homebuying process to truly improve, the data that underpins both must be compatible, consistent, and connected. We are actively collaborating with the FCA, Open Banking Ltd and the wider Smart Data Council to ensure our smart data schemes can operate together.

"Open finance has the potential to transform the homebuying journey – from faster mortgage approvals to more accurate affordability and smoother completions. But that can only happen if the underlying data is standardised, accessible, and trusted. This roadmap signals real momentum, and we’re pleased to be working with industry and regulators to deliver a better home buying and selling process, helping to drive economic growth and a more sustainable property market."

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