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    • Mee
    • By Mee 6th Oct 17, 3:07 PM
    • 945Posts
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    Mee
    Santander and TPP - third party providers
    • #1
    • 6th Oct 17, 3:07 PM
    Santander and TPP - third party providers 6th Oct 17 at 3:07 PM
    Received an email entitled:
    Changes for current and savings accounts from January 2018

    I'm trying to get my head around TPP access which scares the life out of me, or have I got it all wrong - is it similar to DDs?

    New third party services

    You will be able to give permission to certain third party providers (TPPs), authorised by the FCA or other European regulators, to access information and to make payments from current accounts and instant access savings accounts (this doesn’t include cash ISAs, Fixed Term Bonds and Regular eSaver), so long as you can access these accounts through Online and Mobile Banking services:

    1. You can instruct a TPP to tell us to make a payment on your behalf and we will treat any instruction from a TPP as if it was from you. You can’t stop a payment once you have authorised a TPP to make it. You should check with any TPP you allow to access your account that they are authorised to carry out the services they are offering.

    2. You can instruct a TPP to obtain and hold data about your account. Once a TPP has your permission and has obtained your data, they will be responsible for the security of this data.

    The TPP will only be able to have the same amount of access as you e.g. if your account is ‘view only’ online and you can’t make payments online, then TPPs will only be able to access account information and won’t be able to make payments. We may refuse to give access to a TPP, for example, if we believe there is a risk of fraud
    Update:
    Ignore above, after calling Santander (Freephone) this is to cater for those needing to use power of attorneys etc to manage their/someone's financial affairs.
    Last edited by Mee; 06-10-2017 at 3:21 PM.
Page 1
    • eskbanker
    • By eskbanker 6th Oct 17, 4:45 PM
    • 5,562 Posts
    • 5,405 Thanks
    eskbanker
    • #2
    • 6th Oct 17, 4:45 PM
    • #2
    • 6th Oct 17, 4:45 PM
    Sounds to me like, not for the first time, a Santander CS rep has got the wrong end of the stick, or possibly even the wrong stick!

    This is nothing to do with Power of Attorney but is clearly all about the forthcoming Open Banking changes, under which banks will be opening up access to third party consolidator apps, as mentioned in articles such as:
    https://www.moneysavingexpert.com/news/banking/2017/02/timetable-for-banking-shake-up-unveiled---with-multi-account-app-planned-for-next-year
    https://www.gov.uk/government/news/cma-paves-the-way-for-open-banking-revolution

    However, it's nothing to be concerned about in that any such access sharing will only happen if a customer explicitly opts in....
    • Mee
    • By Mee 7th Oct 17, 10:07 AM
    • 945 Posts
    • 937 Thanks
    Mee
    • #3
    • 7th Oct 17, 10:07 AM
    • #3
    • 7th Oct 17, 10:07 AM
    Sounds to me like, not for the first time, a Santander CS rep has got the wrong end of the stick, or possibly even the wrong stick!

    This is nothing to do with Power of Attorney but is clearly all about the forthcoming Open Banking changes, under which banks will be opening up access to third party consolidator apps, as mentioned in articles such as:
    https://www.moneysavingexpert.com/news/banking/2017/02/timetable-for-banking-shake-up-unveiled---with-multi-account-app-planned-for-next-year
    https://www.gov.uk/government/news/cma-paves-the-way-for-open-banking-revolution

    However, it's nothing to be concerned about in that any such access sharing will only happen if a customer explicitly opts in....
    Originally posted by eskbanker
    That was my first assumption, but what I was told seemed plausible. However, I did have to read the text to him so that perhaps should have alerted me. Thank you for putting my right and for the link, but still worried - what safeguards are there to protect a customer being opted in without their permission/knowledge?
    • eskbanker
    • By eskbanker 7th Oct 17, 1:07 PM
    • 5,562 Posts
    • 5,405 Thanks
    eskbanker
    • #4
    • 7th Oct 17, 1:07 PM
    • #4
    • 7th Oct 17, 1:07 PM
    still worried - what safeguards are there to protect a customer being opted in without their permission/knowledge?
    Originally posted by Mee
    Too early to say - this hasn't been implemented yet but when it's introduced next year I'm sure that'll be covered in more detail, although it's clear from the tone of their email that this is all very customer permission-driven, i.e. "You will be able to give permission....", "You can instruct....", etc.

    Any bank that enables a third party to access your data without your consent would immediately be in breach of the Data Protection Act (and the forthcoming GDPR) anyway and they'd be on the hook for any consequential financial losses, so it's in the banks' interests to ensure that appropriate safeguards are in place too....
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