Payment Expert Podcast: The FCA on giving open banking a lasting framework

Andrew Self, Head of Open Banking and Finance at the UK Financial Conduct Authority (FCA), has outlined the regulatory authority's vision for open banking's evolution, highlighting 2026 as a defining year for the sector and discussing the FCA's incoming statutory powers to shape the framework. In an appearance on The Payment Expert Podcast, Self addressed how open banking has matured since its mandatory implementation and the regulatory pathway toward a broader open finance ecosystem.

Open banking, which requires banks to share customer data and payment initiation capabilities with authorized third parties, has fundamentally altered competitive dynamics in UK financial services since becoming mandatory in 2018. The FCA's discussion of statutory powers signals a shift from the current voluntary framework toward more formalized regulatory authority, enabling the regulator to enforce standards, manage data access, and protect consumers more directly. Self's emphasis on 2026 as a milestone suggests the FCA is preparing for significant regulatory or market developments that year.

The progression from open banking to open finance represents an expansion of data-sharing and API-driven competition beyond payments into insurance, investments, and other financial services. This evolution has implications for the iGaming sector, as open finance frameworks could eventually encompass betting account data, payment history, and responsible gambling monitoring tools. Regulators increasingly view open finance as a mechanism for implementing consumer protection measures, including cross-sector visibility into gambling spending and debt accumulation.

For payment service providers, fintech platforms, and iGaming operators, the FCA's statutory powers and open finance roadmap signal tightening regulatory oversight of data flows and third-party access. Operators relying on open banking for payment processing or customer verification may face new compliance requirements or restrictions on how customer data can be utilized. The framework could also enable regulators to mandate integration of responsible gambling tools into payment flows, allowing banks and payment providers to flag excessive betting activity.

The FCA's approach reflects a broader international trend toward using open finance infrastructure as a regulatory tool. As the UK framework matures, other jurisdictions are likely to follow, creating a global shift toward more interconnected, regulated financial ecosystems where betting activity is increasingly visible to traditional financial institutions and regulators.