Regulators give clarity on enforcement approach for open banking pricing models

The FCA and PSR have issued a joint statement on open banking pricing models, confirming that they will not currently be prioritising an investigation under the Competition Act into to centralised ‘access fee’ model developed by the UK Payments Initiative (UKPI) for commercial Variable Recurring Payments (cVRPs).

cVRPs are an emerging technology allowing consumers to give trusted third parties secure access to manage payments on their behalf. The joint statement aims to clarify the regulators’ enforcement position on the UKPI’s development of the technology. The CMA has also confirmed that on the basis of current information, it will take the same position as the FCA and PSR.

All three authorities may revise their prioritisation approach if further information comes to light, or if the Government’s anticipated legislative framework – expected by the end of 2026 – is not implemented by July 2027.