Authorised Online Third Party Provider Access

jonesMUFCforever

Jump forward to March 2019 - we can ignore all the EU regs if we chose to do so!

tempus_fugit

djpailo wrote: »

Unfortunately, whilst I agree, something in the back of my mind says common sense is often lacking these days. The banks may want customers to opt-in because it gives them more details about their customers, which may be useful. Anyway, I'm glad its opt-out and nothing will change for me. Good luck to those that do find it useful.

I think you mean you're glad it's opt-in, not opt-out, as you would have to opt-in to avail yourself of the services, otherwise you are not opted in.

tempus_fugit

jonesMUFCforever wrote: »

Jump forward to March 2019 - we can ignore all the EU regs if we chose to do so!

It will already be in UK law by then so it would have to be repealed or amended.

djpailo

tempus_fugit wrote: »

I think you mean you're glad it's opt-in, not opt-out, as you would have to opt-in to avail yourself of the services, otherwise you are not opted in.

Yes, I will correct original post shortly.

jonesMUFCforever

tempus_fugit wrote: »

It will already be in UK law by then so it would have to be repealed or amended.

It is in the bill doing its debating/amendment stage in Parliament now - all EU regs will become UK law - then we have the power to amend/repeal or carry on as WE want.

EdgarWhitleyLSE

In light of the discussion in this forum, if you using mobile phone apps like the ones discussed in this thread to help manage your personal finances and savings or have given an app or website permission to interact with your banking data, we are interested in speaking with you as part of a study for the Financial Services Consumer Panel being undertaken by Dr Edgar Whitley and Dr Roser Pujadas from the LSE’s Department of Management. For more details about the study and to enrol, please click https://lse.eu.qualtrics.com/jfe/form/SV_4Jbj39zKZgrAlmJ

tempus_fugit

jonesMUFCforever wrote: »

It is in the bill doing its debating/amendment stage in Parliament now - all EU regs will become UK law - then we have the power to amend/repeal or carry on as WE want.

Yes, which is what I said.

Eco_Miser

djpailo wrote: »

The problem with these third party services is one of them will be hacked. Its not a question of if, but a question of when. That puts every single account you own at some sort of risk.

The third party services should be using systems that are no more vulnerable to hacking than the existing banks are.

However the existence of these Open Banking APIs mean any developer could write an app to access and empty all accounts. It would still need to negotiate its way through the security protocols, spoofing the identity of a genuine TPP on the way, so very difficult - but that's easier than 'impossible'.

bbriggs

Hi All,

I would prefer not to have any third party providers accessing my accounts.
Can terms and conditions of companies automatically allow them access?
Is it possible to elect not to have any TTP on my accounts?

Hope I can control this.

Regards
Bob Briggs

eDicky

bbriggs wrote: »

I would prefer not to have any third party providers accessing my accounts.
Can terms and conditions of companies automatically allow them access?
Is it possible to elect not to have any TTP on my accounts?

You need do nothing, it is necessary to 'opt in' to allowing TPPs access to your bank account. For the time being, anyway...