Chip Savings to start sharing data with government

EthicsGradient

I got this in an email:
"Our savings accounts are powered by our partner bank ClearBank. They’ve updated their privacy notice, here’s what that means for you.

ClearBank has recently made updates to their privacy notice section 8.10.

This means ClearBank may share your information with bodies such as the FCA, PRA, FSCS, the Home Office, and HMRC. "
Which will, I think, kick me into deleting my account, since my balance has been zero for some time. Though it refuses to do that outside working hours.

flaneurs_lobster

I'll admit to not reading the relevant section of every other financial institution's data policy but I rather suspect that they will all say much the same thing.

If The Man wants your financials then he's got the legal right to see them (if the legal processes are followed correctly). 

Emmia

Banks will report your savings interest to HMRC who can adjust your tax code accordingly. 

https://www.gov.uk/apply-tax-free-interest-on-savings

Realistically, there are plenty of organisations who can examine your bank accounts/financial information with the right permissions.

OP do you have something to hide?

flaneurs_lobster

Emmia said:

OP do you have something to hide?

Steady, you're setting up a strawman argument. 

Don't think that anyone should have "something to hide" in order to have concerns about the authorities having carte blanche access to your financial (or indeed any other) data.

Emmia

flaneurs_lobster said:

Emmia said:

OP do you have something to hide?

Steady, you're setting up a strawman argument. 

Don't think that anyone should have "something to hide" in order to have concerns about the authorities having carte blanche access to your financial (or indeed any other) data.

What I'm trying to point out is that if you use any UK (and some non-UK) financial institutions, then the government already has, or can access your data. Closing your Chip (or any other) account won't stop this.

My comment was intended to be tongue in cheek.

flaneurs_lobster

Emmia said:

What I'm trying to point out is that if you use any UK (and some non-UK) financial institutions, then the government already has, or can access your data. Closing your Chip (or any other) account won't stop this.

My comment was intended to be tongue in cheek.

Understood.

There's a whole other long-running debate about the "Surveillance Society" (in which access to financial and other online data sources form part) happening elsewhere (because it sure ain't about Saving Money Expertly).

EthicsGradient

Emmia said:

Banks will report your savings interest to HMRC who can adjust your tax code accordingly. 

https://www.gov.uk/apply-tax-free-interest-on-savings

Realistically, there are plenty of organisations who can examine your bank accounts/financial information with the right permissions.

OP do you have something to hide?

There's 2 things here: (a) Chip has data on your entire linked current account transactions, not just the interest they pay - it's "Open Banking" (b) this is not just HMRC, it's also the Home Office. Who should, I feel, have no right to know about any of my business. Being aware that MSE doesn't want political discussions, I'll just say I wouldn't want the Home Office under any government getting access to people's transactions.

Emmia

EthicsGradient said:

Emmia said:

Banks will report your savings interest to HMRC who can adjust your tax code accordingly. 

https://www.gov.uk/apply-tax-free-interest-on-savings

Realistically, there are plenty of organisations who can examine your bank accounts/financial information with the right permissions.

OP do you have something to hide?

There's 2 things here: (a) Chip has data on your entire linked current account transactions, not just the interest they pay - it's "Open Banking" (b) this is not just HMRC, it's also the Home Office. Who should, I feel, have no right to know about any of my business. Being aware that MSE doesn't want political discussions, I'll just say I wouldn't want the Home Office under any government getting access to people's transactions.

I see. Well you may want to familiarise yourself with the various pieces of legislation granting powers and data access and sharing arrangements for a range of purposes across government.

The linkages you might use include the  "Tell us once" service that can be used to notify many government departments following a death. Others include allowing the same photo on your passport and driving licence... 

I don't want a political discussion, but the ship sailed a long time ago in terms of government data sharing.

friolento

EthicsGradient said:

Emmia said:

Banks will report your savings interest to HMRC who can adjust your tax code accordingly. 

https://www.gov.uk/apply-tax-free-interest-on-savings

Realistically, there are plenty of organisations who can examine your bank accounts/financial information with the right permissions.

OP do you have something to hide?

There's 2 things here: (a) Chip has data on your entire linked current account transactions, not just the interest they pay - it's "Open Banking" (b) this is not just HMRC, it's also the Home Office. Who should, I feel, have no right to know about any of my business. Being aware that MSE doesn't want political discussions, I'll just say I wouldn't want the Home Office under any government getting access to people's transactions.

All government depts have the right, by law, to look at all your financial accounts 

masonic

Isn't this just an adjustment of the T&Cs to comply with legislation recently passed as part of a clampdown on benefit fraud?

Edit: not yet passed, currently the Public Authorities (Fraud, Error and Recovery) Bill, expected to come into effect in April 2026

Sam_666

What is scarry, is that gov agencies, like hmrc, will have right to take money from your accounts if they "think" you own them. No need for court order. This will end in tears for some unlucky souls.