In August 2016, the Competition and Markets Authority (CMA) published the final report for its retail banking Market Investigation. The CMA has set out a package of remedies aimed at increasing innovation and increasing competition. 

One of the CMA’s remedies is to mandate the timely development of open API standards. This will enable the provision of product and service information as open data and, subject to a customer’s consent, the sharing of customer transaction data. The aim is to improve transparency and enable customers to better compare services from different banks. 

The CMA is clear that they consider that the development of open API standards has the greatest potential to increase competition in retail banking.

More information can be found in the CMA’s Retail banking market investigation: Final Report available on the CMA’s webpage here.


Expression of Interest

How can stakeholders get involved with the process of implementing the CMA retail banking remedies?

On 7th September 2016 the first Implementation Entity Steering Group Stakeholder Event was an opportunity to engage more widely on the CMA’s remedies and receive input from non-mandated stakeholders into the ongoing process to progress this work. 

One of the key messages that resonated throughout the event was that there were many interested parties, beyond the nine banks mandated by the CMA remedy, who could make a valuable contribution to the development and implementation of the standards.  Whilst the nine named banks have the responsibility to support and fund the Implementation Entity, your expertise and insight will be critical in ensuring the success of the remedy.

Formal expressions of interest are still invited from those who wish to join the Advisory Groups.​

A selection process is now underway to appoint representatives of the Advisory Group. These appointments should be made during October with meetings of the Advisory Groups following shortly thereafter.

Stakeholders who do not wish to take part in the Advisory Group, but would like to stay in touch with developments, will automatically remain on our email distribution list (unless they request otherwise). 


Full transparency for other interested stakeholders  

Relevant documentation will be made available for all interested stakeholders to view as part of the set up phase. The nine institutions welcome engagement with stakeholders and the wider industry as they embark upon the first phase of work and beyond. Anyone wishing to find out more information or would like to discuss a particular aspect of the work should contact the nine institutions via the Secretariat:

Data Protection
Your details will be held and used by the acting Secretariat of the Implementation Entity (“Secretariat”) that the Competition and Markets Authority has required the banking industry to establish as per its Final Report on the Market Investigation into Retail Banking. Your details will be used by the Secretariat to communicate progress on the work being undertaken to deliver these remedies, which could include but not be limited to issuing surveys, event invitations and update bulletins.  The Secretariat may contact you by mail, telephone or email. If you do not want your details to be used for these purposes please contact Phillip Mind at Payments UK via his email address:  


Further information

If you would like further information please contact:

Alex Hone


Further detail on the CMA’s requirements from the retail banking remedies.

In the interests of transparency all meeting minutes and draft proposals for the Implementation Entity can be found here.

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Implementation Entity Steering Group - Stakeholder Event - 7 September 2016