The Financial Conduct Authority (FCA) has launched an industry consultation on Open Finance, which aims to extend open-banking type access to other sectors such as mortgages, insurance and pensions. The FCA is exploring how best to expand data access beyond open banking, but there is still much work to be done before Open Finance becomes a reality. Regulators should encourage competition by allowing firms that specialise in API development to compete on quality, rather than introducing a standard API. Additionally, the retrieval of data should be regulated, as currently, it is not, which limits the number of firms who can enter the market and provide innovative services. The process of expanding data access will likely take months or even years, and will require collaboration between sectors, providers, fintechs, and regulators.