Developed with input from across the ecosystem, the blueprint sets out an independent, and purpose-built model responding directly to the FCA’s request for an industry-led proposal. It outlines how a new, neutral Future Entity (FE) can ensure maintenance and enhancement of standards, monitoring and trust framework while enabling growth, competition, and innovation. Under the proposals, the FE would be operated by Smart Data Services (SDS), a new not-for-profit company limited by guarantee with an independent chair and board appointed through an open, industry-led process. SDS would provide shared core services across both regulatory and commercial schemes, ensuring interoperability, operational independence, and fair representation for all participants. While SDS acts as the neutral standard setter, Smart Data Group UK (SDG UK) has been established to scope and design commercial schemes across sectors - from open banking to open finance. Richard Newman, co-founder of Smart Data Group, says: “Our blueprint reflects what the industry has been clear it needs, independence, accountability, and efficiency, at the same time as meeting the FCA’s design principles. It provides a clean, purpose-built structure that moves us from the competition remedy to a long-term, sustainable future. By embedding transparency, clear governance, and proportional funding from the outset, we can deliver continuity of service, reduce costs, and build a scalable model that supports open banking today, while laying the foundations for open finance and smart data in the future.” The consultation on SDG’s future entity proposal and blueprint is open until 30 November 2025.