GovWire

Retail banking market investigation

Competition Markets Authority

October 19
10:00 2023

OBIE has appointed Marion King as its new Chair and Trustee

1 February 2023: The CMA has published its response to the Trustees End of Implementation Roadmap Report.

Letter to the Open Banking Implementation Entity

19 October 2023: The CMA has published a letter sent to the OBIE following an update from OBIE on the status of items in the Roadmap, which the CMA has also published alongside its letter.

12 January 2023: The CMA has published its decision on roadmap completion following an update from OBIE on the status of items in the Roadmap, which the CMA has also published alongside its decision.

18 August 2022: The CMA has published a letter sent to the Open Banking Implementation Entity following an update from OBIE on the status of items in the Roadmap, which the CMA has also published alongside its letter.

23 March 2022: The CMA has published a letter sent to the Open Banking Implementation Entity following an update from OBIE on the status of items in the Roadmap, which the CMA has also published alongside its letter. Updated with further correspondence between OBIE and the CMA on 14 April 2022.

14 March 2022: On 26 July 2021 the CMA approved the recommendation (PDF, 221KB) made by the Open Banking Implementation Entity (OBIE) to mandate variable recurring payments (VRPs) as the mechanism for implementing sweeping under item A10 of the Revised Roadmap (May 2020) (PDF, 390KB), implemented pursuant to the Retail Banking Market Investigation Order 2017 (the Order).

Following this, questions were raised with OBIE as to whether certain use cases fell within the existing approved definition of sweeping. OBIE consequently invited views from stakeholders on clarification of the definition for the CMA to consider. The CMA has now provided clarification on the definition of sweeping for the purpose of the Revised Roadmap.

15 November 2021: The CMA has approved the recommendation made by the Open Banking Implementation Entity to revise the implementation timescale for Variable Recurring Payments for sweeping services.

27 July 2021: The CMA has approved the recommendation made by the Open Banking Implementation Entity to mandate variable recurring payments (VRPs) as the mechanism for implementing sweeping under item A10 of the Revised Roadmap.

Review of part 6 of the retail banking order

18 December 2019: The CMA reviewed the Retail Banking Order 2017 and this has been varied to transfer the obligations of Part 6 to the FCA with effect from 18 December 2019.

Retail Banking Market Investigation Order 2017

Public letters sent to banks concerning the implementation of aspects of the Open Banking Remedy. Article 10.5 in Part 2 of the Retail Banking Market Investigation Order 2017 (the Order) provided for the appointment of an Implementation Trustee to drive forward the Open Banking remedy according to an agreed timetable and project plan (the Roadmap). The current Roadmap was amended on 15 May 2020. The CMA also published a letter on 15 November 2021, extending the deadline for implementing the Variable Recurring Payment (VRP) standard for Sweeping to July 2022. The CMA announced on 12 January 2023 that the Roadmap was substantially complete with six of the nine largest banking providers in Great Britain and Northern Ireland (Barclays, HSBC, Lloyds, Nationwide, NatWest and Santander) having implemented all the requirements of the Open Banking Roadmap.

Bank of Ireland letter

27 June 2023: The CMA today wrote to Bank of Ireland (UK) plc (BOI) about its delay in final implementation of the Retail Banking Market Investigation Order 2017 in relation to the delivery of the VRP for Sweeping item of the Roadmap. The letter sets out the significance of the breach for BOIs customers, the CMAs engagement with BOI on its proposed delivery timeline and BOIs commitment to the implementation of VRP for sweeping, with voluntary additional regular reporting to the CMA on progress.

Related Articles

Comments

  1. We don't have any comments for this article yet. Why not join in and start a discussion.

Write a Comment

Your name:
Your email:
Comments:

Post my comment

Recent Comments

Follow Us on Twitter

Share This


Enjoyed this? Why not share it with others if you've found it useful by using one of the tools below: