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October 21.2025

2 Minutes Read

Transforming Mortgages: FCA's Bold Steps in Open Finance Test Programme

Open finance mortgage test programme with digital interface on laptop.

FCA Launches Open Finance Test Programme for Mortgages

The Financial Conduct Authority (FCA) has launched a groundbreaking test programme aimed at fostering open finance within the mortgage sector. Open finance, building upon the foundation laid by open banking, allows consumers to share their financial data with third-party providers to improve their financial decisions. This initiative is crucial for enabling a more transparent and efficient mortgage market.

Streamlining the Mortgage Process with Technology

As part of the initiative, the FCA has introduced two TechSprints focused on improving SME lending and mortgages. These sprints will enable firms and policymakers to explore innovative solutions through data sharing. The first TechSprint will specifically address the mortgage and remortgage processes, aiming to simplify access for borrowers. This includes creating smart alerts for when introductory rates expire, integrating real-time affordability checks, and embedding paths for switching providers directly into financial apps.

Empowering Consumers to Make Informed Decisions

The second TechSprint centers on the concept of encouraging mortgage overpayments. By tackling common challenges, such as fragmented lender data and a lack of engagement with budgeting tools, the FCA hopes to offer consumers clearer insights into their financial positions. With personalized prompts and better access to their financial data, consumers will be empowered to make more informed choices regarding overpayments on their mortgages.

A Commitment to Financial Innovation

The FCA’s efforts are a testament to its ongoing commitment to digital innovation in financial services. By equipping consumers with the necessary tools and data, the FCA envisions a future where financial services products are more accessible and user-friendly. As articulated in a letter to the Prime Minister earlier this year, accelerating open finance is pivotal for the evolution of the UK’s financial landscape. The two TechSprints will run from November 17, 2025, to February 12, 2026, with registration opening on November 2, 2025.

Financial institutions and service providers are urged to participate in this exciting opportunity that not only aims to reshape the mortgage sector but also enhances consumer engagements with their financial data.

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Transforming Mortgages: FCA's Bold Steps in Open Finance Test Programme

FCA Launches Open Finance Test Programme for Mortgages

Streamlining the Mortgage Process with Technology

Empowering Consumers to Make Informed Decisions

A Commitment to Financial Innovation

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