FCA notes open banking progress

The FCA says that in the past year, more than 16 million users have engaged with open banking, with the number of payments increasing by 53% year on year. It says a key driver of this is the rise of VRPs which make up 16% of transactions. It is looking forward to the UK Payments Initiative (a new company that 31 firms are forming to enable VRPs) being set up before the end of the year, and will be supporting it, and other industry initiatives to roll out VRPs during 2026.

It is also looking forward to getting new powers from legislation HM Treasury is expected to lay next year, which will allow the FCA to set open banking rules, and it is planning on consulting on the long-term regulatory framework by the end of 2026.