The UK Government’s recently published policy paper, “Smart Data 2035: the UK’s Smart Data Strategy,” signals a major shift toward a fully integrated data economy. Building on the foundation of the Data (Use and Access) Act 2025, the strategy aims to replicate the success of Open Banking across all major growth sectors.
Strategic Pillars for 2026-2029:
The Regulatory Framework: Open Banking will move under a permanent statutory regime. Early 2026 will see intense consultations to finalize the standards that will eventually be governed by the FCA.
Expansion into Open Finance: By Summer 2026, the government will clarify the trajectory for wider financial data sharing. This will focus on empowering consumers and simplifying credit access for small and medium enterprises.
Interoperability & “Smart Data Guidebook”: To prevent data silos, the government will release a cross-economy Guidebook by 2027. This document will set the standards for how different industries – from energy to finance – share information securely and efficiently.
Why It Matters:
The strategy highlights that “Smart Data” is the essential fuel for the UK’s AI Opportunities Action Plan. By enabling authorized third parties to access high-quality, consented data, the UK aims to foster a new wave of fintech and insurtech innovation that remains unparalleled globally.