Question to the HM Treasury:

To ask Mr Chancellor of the Exchequer, what discussions his Department has had with the (a) Department for Business, Energy and Industrial Strategy, (b) Cabinet Office, (c) Department for Culture, Media and Sport, (d) Financial Conduct Authority, (e) Information Commissioner's Office, (f) European Commission and (g) European Banking Authority on open banking and their responsibilities in protecting customers' interests.

Treasury ministers and officials have meetings with a wide variety of organisations in the public and private sectors as part of the process of policy development and delivery. Details of ministerial and permanent secretary meetings with external organisations on departmental business are published on a quarterly basis and are available at: https://www.gov.uk/government/collections/hmt-ministers-meetings-hospitality-gifts-and-overseas-travel

The Competition and Markets Authority (CMA) published the final report of its market investigation into retail banking on 9 August 2016. As part of this the CMA requires the nine largest UK banks to develop and adopt an open banking standard for application programming interfaces (APIs) to allow access to customer account information, as set out in the revised Payment Services Directive (PSDII) which will come into force in January 2018. These nine banks are required to deliver open data APIs and midata APIs by Q1 2017, and deliver the full open API banking standard by early 2018. Data protection and cyber security are key considerations in PSDII, and the government will be consulting on the transposition of this directive shortly.