We'd like to remind Forumites to please avoid political debate on the Forum. This is to keep it a safe and useful space for MoneySaving discussions. Threads that are - or become - political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
Open Banking explained

Former_MSE_Rosie
Posts: 105 Forumite


Hi!
This is the discussion thread for the
Click reply below to discuss. If you haven’t already, join the forum to reply.
Thanks folks,
This is the discussion thread for the
Open Banking explained guide.
Click reply below to discuss. If you haven’t already, join the forum to reply.
Thanks folks,
Follow MSE on other Social Media:
MSE Facebook, MSE Twitter, MSE Deals Facebook, MSE Deals Twitter, Forum Twitter, Instagram, Pinterest
Join the MSE Forum
Get the Free MoneySavingExpert Money Tips E-mail
Report inappropriate posts: click the report button
Flag a news story: news@moneysavingexpert.com
0
Comments
-
I will be opting out of this for all of my accounts. Protection or not, I am just not comfortable with god knows who having access to my bank details like this. This is just waiting to be abused.0
-
I will be opting out of this for all of my accounts. Protection or not, I am just not comfortable with god knows who having access to my bank details like this. This is just waiting to be abused.
Probably a case of the splitting of hairs but if my understanding of Open Banking is correct and I think it is, you don't opt out, you opt in by entering into an agreement with a third party to share your data. The ability to share data and therefore Open Banking itself will already be present on all accounts if it isn't already there. The alternative would be for banks to add the software to individual accounts as needed: A lot of work I'd say.0 -
I will be opting out of this for all of my accounts. Protection or not, I am just not comfortable with god knows who having access to my bank details like this. This is just waiting to be abused.OK, got it! But what if I don't want to share my data?
First things first, it's important to point out that...You don't have to share your data if you don't want to.
This is a fundamental part of it. The rules say that banks have to allow your info to be shared, but ONLY if you expressly give permission to the new provider - they can't just look at all your accounts willy-nilly.
Each provider will ask you to give your consent for it to access your info when you sign up. It'll then send a request to your bank, which will process it and share your details. You can also withdraw your permission at any time.
If you just want to stay banking the way you do now, you absolutely can and no one's going to force you to change. So if you're not comfortable sharing your account data with anyone else - or don't want to use any of these new companies - you don't have to.0 -
Most of the banks I'm with sent notification that it will become part of the T&C's, and the only you can reject it is by rejecting the T&C's but thereby resulting in you not being able to use their services. So I'm not sure how you would manage to opt out without foregoing most, if any bank account available from the 13th onward.
Just don't use the service, simple.0 -
The_MoneySavingKid wrote: »Most of the banks I'm with sent notification that it will become part of the T&C's, and the only you can reject it is by rejecting the T&C's but thereby resulting in you not being able to use their services. So I'm not sure how you would manage to opt out without foregoing most, if any bank account available from the 13th onward.
Just don't use the service, simple.I came into this world with nothing and I've got most of it left.0 -
The_MoneySavingKid wrote: »Most of the banks I'm with sent notification that it will become part of the T&C's, and the only you can reject it is by rejecting the T&C's but thereby resulting in you not being able to use their services. So I'm not sure how you would manage to opt out without foregoing most, if any bank account available from the 13th onward.
Just don't use the service, simple.
Again: third party access is a facility that account-holders would need to opt in to, not out of....0 -
wearingjohnnies wrote: »If Barclays are doing this then I am switching to Metro Bank. I do not want third parties knowing how much money I have.I came into this world with nothing and I've got most of it left.0
-
How long until you need to share your data in order to access improved financial products (such as a better loan rate or something like that)?0
-
I wouldn't use this service which at best opens the door for more unwanted selling communication.
I can see some lenders "suggesting" they have access to your financial information to enable to offer you the "right" loan deal.0 -
Does anybody know exactly how consent will be given?
I'd be reasonably happy about this if I had to confirm directly to the bank (e.g. through my online banking) that a named third party had my permission to access my data, or to supply the third party with some kind of password they can use to prove this to the bank. But I'm worried my bank will simply take the word of a third party that they have received my permission.
Given the value of this data for marketing purposes, it could end up like trying to opt out of direct marketing. Call centre staff will be pressurised/incentivised to get people's consent to access their financial data. Some of these staff will respond by ticking the box to say permission has been granted even when it hasn't. And if the customer wants compensation, they'll be left with the impossible burden of proving that they didn't consent....0
This discussion has been closed.
Confirm your email address to Create Threads and Reply

Categories
- All Categories
- 348.2K Banking & Borrowing
- 252.1K Reduce Debt & Boost Income
- 452.3K Spending & Discounts
- 240.7K Work, Benefits & Business
- 617K Mortgages, Homes & Bills
- 175.6K Life & Family
- 253.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 15.1K Coronavirus Support Boards