Open finance could reshape credit access — starting with small businesses and mortgages

Small businesses may soon gain faster, fairer access to credit as the UK moves toward an open finance system that lets them share their financial data more broadly. The Financial Conduct Authority has laid out a framework under which individuals and companies could securely allow financial providers access to a fuller picture of their finances — including income, spending, assets, and liabilities. That expanded view could support more accurate lending decisions, tighter pricing, and reduced application times. For consumers, the FCA will specifically assess how the system could streamline mortgage access. The initial focus is on real-world testing during 2026, led by the FCA’s Smart Data Accelerator and PRISM Taskforce, which will identify practical use cases with industry and consumer groups. By the end of 2027, the FCA plans to finalize regulatory arrangements with HM Treasury. Firms may launch open finance products earlier if data access and permissions are already in place.