The Financial Conduct Authority (FCA) has announced a partnership to speed up open finance, aiming to give people more control over their finances.
In a letter to the Prime Minister in January, the FCA said it had committed to completing a variety of work to help accelerate digital innovation.
This included using its powers to develop open finance, with a possible focus on small and medium-sized enterprise (SME) lending.
Research found open banking made everyday banking and payments more accessible and diverse.
The FCA said open finance could expand this to more financial services products.
KPMG and Europe Economics were asked to look at the benefits for consumers and the sector.
Their report found there are trade-offs for regulators, including data sharing, the right technology, and keeping consumers safe.
In September, the FCA launched the Smart Data Accelerator, an extension of its sandbox to test open finance in practice.
The FCA is now working with Raidiam to use their testing environment so firms can simulate and test data sharing.
This will help firms develop secure smart data solutions.
Two sprints will run between 17th November 2025 and 12th February 2026.
One will focus on mortgages, the other on SME finance.
Registration is open until 2nd November for firms, industry, policymakers and international partners.
