The Currency analytics
By Pankaj K
The FCA just hired KPMG. The financial regulator wants an independent look at plans for a new UK standards-setting body that would handle open banking APIs, and they're not…
KPMG got the nod after the FCA sent letters to trade groups on February 11, 2026, basically saying "we need outside eyes on this whole thing.
KPMG's job sounds straightforward enough.
The consulting giant will dig into whether this Future Entity can actually work and how it should be structured.
Industry folks are watching closely. Representatives from UK Finance Association think it's about time someone took a serious look at standardization issues that have been…
And the timing matters. The UK's open banking world has been dealing with regulatory uncertainty since late 2025, with banks and fintech companies basically flying blind on what…
Sarah Pritchard from the FCA said in a recent statement that they want to "create a more structured and reliable open banking environment.
KPMG will probably focus on the money side too. The Future Entity needs to pay its bills somehow, and nobody's figured out exactly how that works yet.
The FCA also wants diversity baked into this new body's leadership. Charles Randell, the FCA Chair, made that clear when he said "diverse representation is crucial for…
But there's a bigger picture here. Other countries are watching what the UK does with this whole setup. If it works, expect copycats.
The assessment won't be quick. KPMG's got to talk to banks, fintech companies, trade groups, and basically everyone with skin in the game.
One thing that's clear: the FCA doesn't want to rush this. They've seen what happens when financial regulations get botched, and nobody wants that kind of mess.
The regulator has been pretty open about keeping everyone in the loop during this process. They're sending updates to stakeholders and trying to avoid the usual regulatory black…
Meanwhile, banks are basically in wait-and-see mode. They can't make major decisions about their open banking infrastructure until they know what standards they'll need to follow.
The compliance piece is huge too. Banks are paranoid about data security and consumer protection - one screw-up and regulators come down hard.