The FCA’s latest open finance roadmap marks a significant step towards a more connected and data-driven financial ecosystem, with clear implications for the mortgage and property sectors. As the industry looks to improve the speed, transparency, and reliability of the homebuying process, greater alignment between property and financial data is becoming increasingly important.
Maria Harris, chair of the Open Property Data Association, has commented in response to the FCA’s open finance roadmap published recently, setting out its plans to use smart data to transform the finance sector by 2030.
“The FCA’s open finance roadmap is an important and welcome step forward. Property and finance are two sides of the same coin, and for the homebuying process to truly improve, the data that underpins both must be compatible, consistent, and connected. We are actively collaborating with the FCA, Open Banking Ltd and the wider Smart Data Council to ensure our smart data schemes can operate together.
We’re particularly pleased to see a commitment to a policy and technical sprint this year. Creating a framework that allows property, mortgage, and financial data to flow securely and seamlessly between systems is essential if we want faster transactions, fewer fall throughs, and greater transparency. OPDA is already contributing to this work through the FCA’s PRISM taskforce, helping to assess the impact of the priority use cases and ensure the foundations are right.
Open finance has the potential to transform the homebuying journey – from faster mortgage approvals to more accurate affordability and smoother completions. But that can only happen if the underlying data is standardised, accessible, and trusted. This roadmap signals real momentum, and we’re pleased to be working with industry and regulators to deliver a better home buying and selling process, helping to drive economic growth and a more sustainable property market.”
