The UK is set to enhance its open banking framework with the launch of a government-backed, industry-led Smart Data Group, aimed at unlocking £28 billion in economic value across various sectors.
Last week, the Data (Use and Access) Bill passed in Parliament, paving the way for expanded open banking capabilities. This legislation empowers consumers to share their data more broadly in areas such as energy, finance, telecoms, and retail.
By allowing individuals to consent to secure, standardized data sharing with providers, the initiative intends to deliver personalized services, seamless transitions, and improved deals for users.
Chaired by former Minister for Smart Data, Paul Scully, the Smart Data Group aims to turn this vision into reality by bringing together policymakers and industry experts. Open banking veterans Richard Newman and Clare Ambrosino will lead the group’s operations, supported by an advisory board featuring Jonathan Ashworth, Lord Iain McNicol, Lord Martin Callanan, and Sir Robbie Gibb, reflecting strong bipartisan support.
Business and Trade Minister Justin Madders emphasized, “Smart Data has the power to transform the business landscape and could significantly benefit start-ups nationwide.” He added, “This new group will be crucial in unlocking that potential, with our modern Industrial Strategy driving growth across priority sectors throughout the country.”