Smart Data Group has published its proposals for an entity and blueprint to shape the future of open banking in the UK.
Developed with input from across the ecosystem, the blueprint outlines an independent, purpose-built model responding to the FCA’s request for an industry-led initiative. It details how a new, neutral Future Entity (FE) can maintain and enhance standards while promoting growth, competition, and innovation.
According to the proposals, the FE would be operated by Smart Data Services (SDS), a new not-for-profit company with an independent chair and board appointed through an open, industry-led process. SDS would provide shared core services for both regulatory and commercial schemes, ensuring interoperability, operational independence, and fair representation for all participants.
While SDS serves as the neutral standard setter, Smart Data Group UK (SDG UK) has been established to design and scope commercial schemes across various sectors, from open banking to open finance.
Richard Newman, co-founder of Smart Data Group, stated: “Our blueprint reflects what the industry needs: independence, accountability, and efficiency, while adhering to the FCA’s design principles. It offers a structured approach that transitions us from competition remedies to a sustainable future. By embedding transparency, clear governance, and proportional funding from the start, we can ensure continuity of service, reduce costs, and build a scalable model that supports open banking today and lays the groundwork for open finance and smart data in the future.”
The consultation on SDG’s future entity proposal and blueprint is open until 30 November 2025.