The committee, led by the Financial Conduct Authority (FCA) and Payment Systems Regulator (PSR) and including the CMA and HM Treasury, announced the formation of the SWG earlier this year.

The committee said that it believes “there is potential to build on the progress of open banking, to drive further benefits for consumers and businesses, and maintain the UK’s position as a leader in innovation. As we do this, we are keen to work closely with the industry and other key stakeholders. The SWG will help facilitate this”.

Following a recruitment process, Bryan Zhang has been appointed as the independent chair of the SWG. His responsibilities include selecting and appointing the SWG members, arranging and facilitating SWG meetings, collating stakeholders’ views in response to the committee’s questions and providing regular updates to the committee. He will report, and be directly accountable, to the co-chairs of the committee. Mr Zhang is the Co-Founder and Executive Director of the Cambridge Centre for Alternative Finance at the University of Cambridge Judge Business School.

In addition, the FCA and the PSR, as co-chairs of the committee, have asked the Open Banking Implementation Entity (OBIE) to provide administrative support in onboarding Mr Zhang and ongoing secretariat support to assist him in setting up the SWG.

Committee co-chairs, Sheldon Mills, FCA consumers and competition executive director, and Chris Hemsley, managing director of the PSR, said: “We are excited to appoint Bryan to lead the SWG and look forward to working with him and key stakeholders to help define the vision and strategic roadmap for further developing open banking.”