UK Treasury asks whether bank APIs should stay free

HM Treasury ran a consultation on modernising the Payment Services Regulations that closed on 6 October. It raises whether free open banking access should continue, FCA oversight of API pricing, and authentication and liability rules when AI agents initiate payments. Legislation is not expected before 2027–2028.

• Treasury consultation closed 6 October; legislation expected in 2027–2028
• FCA could gain oversight of open banking pricing and standards
• A central UKPI access fee for commercial VRP has applied since January
• Rules for AI-agent-initiated payments and liability are under review