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).