Innovate Finance comment on the CMA’s definition of Variable Recurring Payments for Sweeping

Commenting on the clarification of definition of Variable Recurring Payments for Sweeping by the CMA today, Adam Jackson, Director of Policy at Innovate Finance said:

"Today the CMA published an update on VRP and sweeping in the form of a letter to Charlotte Croswell, Trustee of the OBIE. We are taking views from our ecosystem of FinTech companies, but it is clear that the definition of VRP for sweeping is narrower than it could be.  As a result, it will not lead to FinTechs creating as many innovative products and services for consumers that can help with managing the cost of living and improving their long-term savings and pensions."

"In the meantime the future of the OBIE remains uncertain and our concern at the delays to clarifying its role in the future of the UK's open finance regime remain."