MSE News: Timetable for banking shake-up unveiled
Options
Legacy_user
Posts: 0 Newbie
Banks will be forced to make banking easier and fairer for millions of customers from later this year...
Read the full story:
'Timetable for banking shake-up unveiled - multi-account app planned for next year'
Click reply below to discuss. If you haven’t already, join the forum to reply. If you aren’t sure how it all works, read our New to Forum? Intro Guide.
'Timetable for banking shake-up unveiled - multi-account app planned for next year'
Click reply below to discuss. If you haven’t already, join the forum to reply. If you aren’t sure how it all works, read our New to Forum? Intro Guide.
0
Comments
-
The CMA believes Open Banking will "significantly increase competition between banks"
What Bo*****s.
They'd have been much better giving us all portable account numbers.
It'll be the fintech companies that provide the competition, at least until the bigger guys buy the smaller ones out.0 -
I love these continued things the CMA and others keep coming out with that are along the lines of "not enough people switch banks and therefore the market must be broken and banks must do XYZ to fix this", they implement them, and then a year or two down the line it's another press release of "not enough people switch banks and therefore..." I am not by any means an anti-regulation sort (much the opposite) but they appear to be very much putting carts before horses here.
They don't seem to have grasped that to most people banks are as much a utility as their water, electricity or broadband, something that is very much in the background of their life, and that unless they really f*ck up or there's an obvious advantage to switching the average consumer doesn't much care. The average MSE forumite cares but they're a minority.urs sinserly,
~~joosy jeezus~~0 -
I won't be signing up to data sharing.I came into this world with nothing and I've got most of it left.0
-
Will it be an opt in? Wonder what checks will be done?Shakin_Steve wrote: »I won't be signing up to data sharing.0 -
Yep. Says in the article that you have to opt in.Will it be an opt in? Wonder what checks will be done?
Multiple financial institutions holding details of your every transaction, what could possibly go wrong? Even if I thought there was a slight chance of it being secure, imagine the endless marketing opportunities.I came into this world with nothing and I've got most of it left.0 -
Shakin_Steve wrote: »Yep. Says in the article that you have to opt in.
Multiple financial institutions holding details of your every transaction, what could possibly go wrong? Even if I thought there was a slight chance of it being secure, imagine the endless marketing opportunities.
I'm sure nothing could possibly go wrong. One bank decide you have a fraudulent transaction. Whoops lost total ability to bank, get cash out etc of any of your accounts. Someone hacks one account. Whoops they have access to all of them. Use no 1 account to fund your child, no 2 bank wants to know where the money went.
No nothing could possibly go wrong! Definitely no opt in here. But how long will it be before you actually have to opt OUT.0 -
The press release is a pile of !!!!!.
A lot of the proposals are currently implemented by my bank as it is.
And there's not a chance I'll be consenting to data sharing.DEBT FREE!
Debt free by Xmas 2014: £3555.67/£4805.67 (73.99%)
Debt free by Xmas 2015: £1250/£1250 (100.00%)0 -
data sharing? nope, nope, nope.
most of my banking apps are quick and easy to log in to already.
I can see the appeal of having one app to see all your account, no real different to multiple other services that you can view in a single app.
but what I object to is the 'sharing with 3rd parties and other banks'
there's no reason the data has to be shared between other banks and other parties.
you can log in to all your online storage, email accounts etc etc from a single app, without each individual service being privy to the contents of the other services.
But the data sharing is a complete no no, IMO.0 -
I also don't like the data sharing and will opt in over my dead body. If I have an account with a separate institution I want that institution to be separate - period. Currently banks can share data with each other, as per T&Cs, on an infrequent basis, for defined purposes - you can eff right off if you think I'm going to let them do it constantly.
The idea of having to go between a few separate apps or websites in order to view all my accounts being such an impediment to competition that it requires regulatory action is utterly ludicrous.urs sinserly,
~~joosy jeezus~~0 -
You don't suppose, just for a millisecond, that it might not be for our benefit? I know it's ridiculous but imagine a government that knew everything about every one of us, right down to how many cups of coffee we buy in a week and where we buy it. That could never happen here.......right?
Not even in the cause of fighting terrorism and funding for terrorists. Surely not.......?
GULP.......:eek:I came into this world with nothing and I've got most of it left.0
This discussion has been closed.
Categories
- All Categories
- 343.2K Banking & Borrowing
- 250.1K Reduce Debt & Boost Income
- 449.7K Spending & Discounts
- 235.3K Work, Benefits & Business
- 608.1K Mortgages, Homes & Bills
- 173.1K Life & Family
- 247.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 15.9K Discuss & Feedback
- 15.1K Coronavirus Support Boards