FCA Unveils Smart Data Accelerator and Two Open Finance TechSprints to Boost Financial Innovation and Inclusion

FCA Unveils Smart Data Accelerator and Two Open Finance TechSprints to Boost Financial Innovation and Inclusion

(IN BRIEF) The Financial Conduct Authority (FCA) has launched the Smart Data Accelerator, in collaboration with Raidiam, alongside two new TechSprints aimed at advancing open finance innovation in the UK. Building on the success of open banking, these initiatives will allow firms to test and develop secure, real-world applications in areas such as mortgages and SME finance. The FCA also released findings from research by KPMG and Europe Economics highlighting the opportunities and trade-offs of open finance for consumers and the wider financial sector. These efforts form part of the FCA’s broader commitment to digital transformation and support the government’s National Payments Vision. The FCA’s Open Finance Roadmap and Strategy are due to be published by March 2026.

(PRESS RELEASE) LONDON, 13-Oct-2025 — /EuropaWire/ — The Financial Conduct Authority (FCA) has announced a series of major initiatives to accelerate the development of open finance in the UK, reinforcing its commitment to fostering digital innovation and improving financial inclusion. The regulator is launching a new Smart Data Accelerator, a partnership with Raidiam, and two TechSprints focused on real-world applications of open finance across mortgages and SME lending.

The FCA’s open finance programme aims to give individuals and businesses greater control over their financial data, enabling smarter money management and future financial planning. These initiatives follow the FCA’s January letter to the Prime Minister, in which the regulator pledged to use its powers to advance digital innovation—particularly in areas such as SME finance.

Open finance builds upon the foundation established by open banking, which has already transformed access to everyday banking and payments. By extending these principles to a broader range of financial products and services, open finance has the potential to make the financial ecosystem more diverse, transparent, and consumer-focused.

The FCA commissioned KPMG and Europe Economics to explore the potential benefits of open banking and open finance for both consumers and the financial sector. Their report identifies opportunities for improved access to credit, innovation in financial services, and increased competition, while also noting that regulators must carefully balance data-sharing benefits with privacy and consumer protection concerns.

In September 2025, the FCA launched its Smart Data Accelerator, an extension of its regulatory sandbox that allows firms to test open finance applications in controlled, real-world environments. Through a new collaboration with Raidiam, firms participating in the Accelerator will gain access to a robust testing platform that mirrors live market conditions. This environment will allow participants to simulate data sharing, experiment with smart data solutions, and develop secure, consumer-beneficial innovations.

To further advance industry engagement, the FCA is running two TechSprints between 17 November 2025 and 12 February 2026, focusing on mortgage innovation and SME finance. Registration for participation is open until 2 November 2025, inviting firms, policymakers, regulators, fintechs, and international partners to collaborate. These events build on the success of the FCA’s March “Open Finance Sprint,” which generated practical ideas to improve consumer outcomes and strengthen financial resilience.

Raidiam’s involvement brings international expertise, having supported the rollout of open finance and open insurance frameworks in markets such as Brazil. This partnership ensures the UK’s Smart Data Accelerator operates in a secure and globally interoperable testing environment that enables participants to build scalable, responsible open finance solutions.

These new initiatives align with the UK government’s National Payments Vision (NPV) and its ambition to position the UK as a global leader in open finance and open banking. The FCA plans to publish its Open Finance Roadmap and Strategy by March 2026, outlining the next phase of regulatory and industry collaboration.

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SOURCE: The Financial Conduct Authority (FCA)