11 million people in the UK currently use Open Banking services, making 14 million payment transactions annually*. In its 2025/2030 Strategy document (when discussing the potential for Open Banking), the FCA has stated “to realise that potential, we will increase the pace of change to deliver innovation and competition”. The regulator’s intention to champion the continued progress of Open Banking services in the UK is clear.
Open Banking is transforming how consumers and businesses are managing their finances in the UK. Whether you are offering AISP, PISP (or both) services, Cosegic is here to ensure you meet the necessary regulatory requirements and your on-going obligations.
If you are planning to go for authorisation, we have successfully supported clients in achieving FCA authorised status in the UK. We will help you plan and execute your application, aiming to achieve a positive first round approval from the regulator. From initial scoping, we can assist you with policy and procedure drafting, business plan development, risk management, governance oversight and financial analysis. We will ensure your application pack is regulator-ready and fit for success.
Once you’re authorised, we can provide you with on-going support to ensure you remain compliant with the regulations and plan for future regulatory changes and impact assessment. Cosegic is your strategic partner for your Open Banking product and we are here to help you meet your regulatory obligations with confidence, enabling you to concentrate on growing your business and servicing your customers. *Financial Conduct Authority – Our Strategy 2025 to 2030
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FCA authorisation is your foundation in UK financial services. We bring the expertise, rigour and track record to get you there.
MyCosegic replaces fragmented compliance work with a single operating system where actions, evidence, approvals and oversight live together.
The US market demands SEC compliance across multiple jurisdictions. Our specialists manage the entire process so you can focus on the opportunity ahead.
As your business evolves, we help you identify, apply for and secure the FCA permissions that reflect your next phase of growth.
When ownership changes, FCA approval is non-negotiable. We bring the precision and expertise to make sure it never becomes an obstacle.
When regulatory demands shift or specialist knowledge is needed fast, our ongoing support gives you access to senior compliance expertise.
Providing experienced compliance professionals to strengthen your team and support regulatory priorities.
We help you uncover compliance gaps, demonstrate commitment to fair customer outcomes and ensure your policies withstand regulatory scrutiny.
An independent view of your regulatory position, giving senior leadership the insight to act and strengthen compliance foundations.
Supporting accurate, timely regulatory reporting to help you meet your ongoing compliance obligations.
Practical, proportionate ICARA processes embedded into day-to-day risk management and built to meet regulatory expectations.
Compliant, crisis-ready wind-down strategies that are clear, credible and integrated into your prudential risk management framework.
Practical, regulator-ready support that embeds SM&CR confidently across your organisation, tailored to your firm's specific needs.
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Our Experts
Find answers to the questions we’re asked most often, from our compliance and training services to how we can support your business.
The distinction between Account Information Service Providers and Payment Initiation Service Providers relates to the nature of the services you offer and how you interact with customer accounts. Some firms need both. Which applies to your business, and which authorisation or registration is required, depends on your specific model. This is a good starting point for a conversation with our team, who can help you establish the right regulatory structure from the outset.
Authorised open banking firms face a broad and evolving set of ongoing obligations that go well beyond the initial application. The specifics depend on your services, customer base and business model and regulatory expectations in this space continue to develop. Rather than providing a generic list, we encourage you to speak with our team about your specific situation. We can give you a clear picture of your ongoing obligations and how best to manage them.
Consumer Duty applies across FCA-regulated firms and has specific implications for open banking providers, but how it applies in practice depends on your products, services and customer interactions. We help open banking firms assess their Consumer Duty position and build the frameworks needed to demonstrate compliance. Speak to our team to understand what Consumer Duty means for your business specifically.
This is one of the most common questions we receive from technology and infrastructure providers in the open banking space, and the answer is not always straightforward. Whether FCA authorisation or registration applies to your business depends on the nature of your role and services. We strongly recommend taking advice before assuming you fall outside the regulatory perimeter. Speak to our team for an initial scoping conversation it is a much easier conversation to have early than late
Operational resilience is a regulatory requirement for FCA-authorised firms, and its implications for open banking providers are meaningful given the role these services play in customers' financial lives. What resilience compliance looks like in practice depends on your important business services, your infrastructure and your risk profile. We deliver operational resilience reviews in partnership with specialist cyber and technical resilience consultants. Speak to us to understand what a review would involve for your firm.
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